Retiring chairman Pierre Horsfall

JERSEY Finance, the organisation which promotes and represents the Island’s finance industry, will this year be granted £1.8 million from the States of Jersey.

The rise follows last year’s 40% increase in the government grant, which went up from £1 million to £1.4 million.

Jersey Finance say the additional funds are being used mainly to set up satellite offices overseas. A London office was opened in May and an office in Hong Kong will be formally opened in October.

Membership subscriptions last year totalled £453,056 and the number of members increased from 170 to 180. At the end of the year the organisation had a shortfall of £175,078, partly due to unexpected maintenance costs at their former premises in Hill Street and also increased staff costs.

During the annual general meeting yesterday, it was announced that chairman Pierre Horsfall and vice-chairman John Henwood were both standing down. No replacements have yet been appointed.