Finance district ‘still needed’

Friday 14th November 2008, 3:00PM GMT.

NOW is not the time to pull back from developing the £350 million financial district on the Waterfront, according to Jersey Finance chief executive Geoff Cook.

Despite recession driving the finance industry into downturn, Mr Cook said that Jersey would need the Esplanade Quarter by the time the Island came out of the financial slump.

He added that the greatest risk to Jersey’s finance industry was not world events but ‘from those who are happy to abandon a commitment to this industry at the first sign of trouble’.

Speaking at the Institute of Directors monthly lunch, Mr Cook said that just because demand for a financial district was not high now, Jersey would benefit from one by the time recession turned around. ‘Current demand is irrelevant. The project is going to take years to complete and recession lasts about two or three years,’ he said.

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1
Karen

November 14, 2008 at 11:24 pm

On what grounds is Mr Cook so confident that the recession will be over in two to three years? More importantly, has he recived absolute cast iron guarantees that the new buildings will be required? If not, he is gambling with taxpayers money. I would suggest that the States do some simple research and if banks do express serious interest in leasing the new properties, obtain non-refundable deposits. I would also like to ask why the States are considering spending so much money when not so long ago, the unpopular GST was passed to fill a black hole. Has this miraculously been filled? Come on, please start living in the real world. It is insensitive to indulge these flights of fancy at a time when most people are having to tighten their belts and think seriously about any unnecessary spending.

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2
Phil

November 15, 2008 at 7:17 am

Mr Cook is correct – current demand is not relevant, but, hang on, what about future commitment and the actual industry still being the same in 10 years?

If this area is so critical why is there so much office space un-occupied already. Are we just going to waste £330M to move the existing Industry into a nice new centre that they can afford and blight the rest of St Helier with empty office blocks? These of course will be like the ones that we alredy have that no one wants to demolish, or occupy?

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3
??

November 17, 2008 at 2:44 pm

What about all of the EMPTY buildings and office space (the old JFSC building, Ground floor Seaton Place to name a couple of sites) How about this for a notion – Giving companies and trusts a cut off point so they can destroy records over 20 years old? Most of the space for offices is taken up by archives/records and permenant files which aren’t even looked at just because we haven’t got a law to state that we can get rid of them.

Another states member wasting money on something that is not needed surprise surprise

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