Eyes of the world on Jersey

Friday 16th January 2009, 3:00PM GMT.

JERSEY’S financial services sector will start 2009 with a raft of consultations to prepare for global scrutiny.

The international reviews come at a time when analysts are predicting a further slowdown in the Island’s finance sector in 2009.

Results for the final quarter of 2008 are not due to be released until next month, but it is likely that end-of-year profits are down, banking deposits are down and the net asset value of funds is also lower than in previous quarters.

However, there is unlikely to be mass redundancy in the Island’s finance sector, according to Geoff Cook, chief executive at Jersey Finance. ‘Certainly at the moment it has been hard to recruit experienced staff and there are still a huge number of vacancies. That will have an effect for quite some time,’ he said.

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1
Alex

January 16, 2009 at 9:42 pm

all this from the man who said in the JEP that a certain bank going bust was good as it would clear the air will he say the same thing to staff that loose there jobs in finance wake up everybody all you have to do is look at the bloomberg news every day and you’ll get a clearer picture we are always told how good things are something tells me things are not going to get better at all bills going up Taxes going up still there’s no Res better not use the word it seems that over here 2+2 makes ??? well does anyone know a good accountant?

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2
flooded

January 17, 2009 at 5:46 pm

Yet another spinfest from the vastly overpaid and overrated. These are the people who got us into this mess and we are expected to believe they can get us out it.
We deserve to be scrutinised deeply but I fear we will only get a metaphorical slap on the wrist from inspectors who have no interest in questioning the moral bankruptcy of the world financial system.
Ozouf and Cook will be spinning like tops over the next couple of years and “world class” amounts of money will be frittered away in promotions,in the hope of attracting more money which should be paying tax elsewhere.
Great work guys!

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3
Pip Clement

January 18, 2009 at 3:07 am

Things are going to be very interesting on the morning of Monday the 18th of January.
RBS was worth less than 40p a share and Barclays was trading at 98p a share at close of business on Friday.
If the share prices continue to drop then the UK government will have to step in and take decisive action to save these banks and protect the funds of their UK depositors.
Quite where that will leave Geoff Cook is moot, I would guess at spinning in the wind.

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