AN inquiry into offshore financial centres has been launched by the House of Commons Treasury Select Committee.

The States of Jersey and Jersey Finance are likely to be submitting a written response to the committee and could be called to give evidence verbally at a public hearing which will be televised online.

The inquiry is part of the Treasury committee’s investigation into financial stability and transparency, which started last year in the light of recent market turbulence, specifically in relation to the sub-prime mortgage crisis and the knock-on effects on Northern Rock and other financial institutions.

The UK Treasury committee are including the three Crown dependencies — Jersey, Guernsey and the Isle of Man — and the British Overseas Territories.

Martin de Forest Brown, director of international finance at the Chief Minister’s department, welcomed the inquiry saying that it was ‘a chance to put some proper facts on the table’.