No last rites for Jersey, says expert

Tuesday 3rd November 2009, 3:00PM GMT.

Neil Oliver of Ernst and Young

NATIONAL media reports about the ‘last rites’ for the finance industry are unfounded, according to a Jersey-based tax expert.

Ernst & Young tax director Neil Oliver says that the Foot Review, published last week, is another welcome endorsement of the Island’s financial regulation, and not the death knell that has been described in some reports.

And he has backed the report’s suggestion that an ombudsman scheme should be introduced. Mr Oliver says that figures which show the way the that the Crown dependencies – Jersey, Guernsey and the Isle of Man – funnel money into the City of London should lead to more support for the islands from the UK.

‘The report identifies the positive contribution of the Crown dependencies to the UK market through the flow of funds and the liquidity this brings, something we have been saying ourselves for some time now,’ said Mr Oliver.

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1
Hugh Pym

November 3, 2009 at 4:47 pm

The damage done by the SIVs, securitisations and other vehicles of the “shadow banking industry”, which we were happy to set up here, dwarfs the benefits of the Crown dependencies being a source of liquidity to UK banks. Another “expert” who has scant understanding of the mechanisms of this economic meltdown, the worst since the Great Depression.

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2
Dave

November 3, 2009 at 7:43 pm

Funny how Jersey based ‘experts’ seem to have a very different views of the report from that of the national media.

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3
Michael Neal

November 4, 2009 at 1:07 am

#2 Dave

Actually, Mr Oliver has just arrived from the UK to head EY’s tax team.

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4
Will

November 4, 2009 at 11:25 am

So who is this journalist “reading the last rites for tax havens”? Is he a sensationalist writer with one of the tabloid press? No, it’s none other than the Guardian’s Business Correspondent, Nick Mathiason. He also writes for the Observer and last Sunday laid bare the least transparent financial centres – were these Jersey Guernsey and the IOM? Not at all. In the top five most opaque centres he includes London, Luxembourg, Zurich, and the US State of Delaware! So give Mr Mathiason some credit for fairness.

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5
phil

November 4, 2009 at 1:22 pm

I can’t help but wonder if Mr Oliver’s opinions are independent, objective and unbiased…

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6
Simon West

November 4, 2009 at 5:31 pm

No 2, yes he’s just come over from the UK and that’s the point of this little press release from E&Y. “Look I’m the new tax director” , a few weak comments which are actually just a bit of cheap marketing. No value added from these comments whatsoever.

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