JERSEY Finance’s chief executive, Geoff Cook, recently made an important point concerning the Jersey economy.

Speaking earlier this week at a meeting attended not only by finance industry professionals but also by 20 States Members, he said that even if the Island experiences an economic depression – the stage beyond recession – 90 per cent of its business activity will continue. Therefore, even in the worst circumstances that are likely to affect us, the ‘glass is 90 per cent full’.

Mr Cook’s remarks should not, of course, be regarded as reason for complacency in these difficult times. They do, however, help to put matters into perspective.

In itself this interpretation of economic conditions was important, but it was coupled with the promise of initiatives that are likely to minimise the effect of recession and even depression on our finance industry. Far from taking global changes lying down, Jersey Finance and industry professionals will step up efforts to promote the Island and all that it has to offer.

This is very much in line with the entrepreneurial spirit which has served this community so well down the years. It is also entirely consistent with the self-confidence that has enabled Jersey people to make a significant mark in the world in spite of the Island’s apparent geographic and demographic insignificance.

Meanwhile, as well as marketing products and services, Jersey Finance will take the fight to those who remain insistent that our activities undermine fair taxation and serve to conceal evasion, money laundering and other illegal activities.

The truth is – as Mr Cook said – that Jersey is very near the top of the international tree in terms of the reputation and importance of the financial services it offers. We can, moreover, be confident that his assertion that our regulatory regime is second to none is no idle boast but an accurate reflection of the present state of play.

Some Islanders continue to see finance as a burden rather than a blessing, but, if any degree of objectivity is applied, it is impossible to regard it as anything other than the key to our prosperity and our principle vessel for weathering the present economic storm.