Bankers take positive view of future trading

Friday 21st July 2006, 12:00AM BST.

THE Jersey Bankers Association is ‘more positive than average’ about the future of the industry, says president David Myatt.

Commenting on the States survey of financial institutions for 2005, revealed last week, Mr Myatt said that increased confidence came partly from greater certainty about the changes to the Island’s tax structure.

The survey shows that for the first time in five years the total annual profit of Jersey’s finance sector increased, by 3.

% to £1,054 million.

Of that total, the banking sub-sector annual profit was £843 million, up almost three per cent on 2004.

This reverses the trend from 2001 to 2004, when profits declined from a peak of £965 in 2000.

In addition, around £40 million of banking activity is in fact trust and company administration and fund management and the overall pattern suggests that banks are continuing to diversify.

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