IMF confidence

Friday 24th April 2009, 3:00PM BST.

John Harris

IT is likely that Jersey’s financial regulation will be given ‘excellent ratings’ by the International Monetary Fund.

But it is still possible that the United States administration in Washington could alter the focus of the investigation, according to Jersey’s chief regulator.

John Harris says that although the news is likely to be good for the Island, it is premature to make assumptions or get ‘overexcited’ about the outcome of the review.

Nevertheless, the director general of the Jersey Financial Services Commission told a packed audience at the Institute of Directors on Wednesday that the G20’s white-listing of the Island earlier this month was ‘nothing less than a triumph’ for the Island’s policymakers, who had acted to sign international agreements ahead of competitor jurisdictions.

Read the full story in the Jersey Evening Post.

Click here for subscription details.

Individual editions are also available online.

1
James Deale

April 25, 2009 at 7:17 pm

Great news.

But we also need to consider the clampdown on tax avoidance. Pressure will be inflicted in the long term, though we need to act now to diversify.

We face the prospect of a hugh black hole caused by our labour market being unable to support the elderly and our welfare infrastruture.

Sure milk the finance industry as long as possible, which may well be for a few more generations… But our sustainable competitive advantage will be eroded by the competitive forces in our environment.

Action must be taken now to explore other areas of income (e.g. green energy).

Step one try to convince the politicians. Terry Le Sueur can only describe our finance industry as ‘welll positioned’. He does not reply when I ask him to go into more detail. Nor does he think it is at any threat whatsoever. Scary stuff.

Report abuse