Island ‘must engage with the EU’
Wednesday 7th April 2010, 3:00PM BST.
Panel members Geoff Cook, Charlie McCreevy and Brendan McMahon
THE Island needs to engage with the EU ‘more than ever’ in advance of a European parliament vote on a new funds directive this summer.
That was the message from the EU Commissioner formerly responsible for the financial services industry to an audience of 200 delegates at a conference in London last week.
Irish politician Charlie McCreevy was until earlier this year the commissioner for internal market and services.
He spoke on the progress of the draft EU Alternative Investment Fund Managers Directive to the conference organised jointly by Jersey Finance and the Jersey Funds Association
Mr McCreevy was the keynote speaker at the event entitled ‘A Tale of Two Cities, London – Brussels’.
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The EU Alternative Investment Fund Managers Directive could finish the funds and securitisation sectors of our finance industry, which are by far the most profitable parts. The only solution for Jersey may be to become a member of the EU(if they will have us!)
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Dave you are right, a big threat. That and the fact that Private Equity generally is going through a significant contraction and a significant move to permanent capital vehicles that need a lot less administrators to service them. Another bubble pops.
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Yes Tom,
The amount of income and tax revenues that these businesses generate for Jersey is huge, and includes a lot of secondary work for lawyers and accountants.
It is amazing that the authorities appear to be doing little to protect our interests.
I’ve a feeling it will end up in the same way as the health agreement with the UK did, i.e. Jersey left high and dry.
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If you’re happy that your wealth is based on the disintegration of others’ standards of living then, yeah, be narked. Your choice; vain little islanders or intelligent first worlders.
I won’t hold my breath.
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