|Jersey Finance, Offshore and Trust Companies Information Centre|
The Finance Industry in Jersey
Jersey, at 45 square miles (118 square km) in size, is the largest of the British Channel Islands. The Island is located 85 miles (135 km) south of mainland Britain and 14 miles (22 km) from the coast of France.
The population of 87,700 (as at the end of 2004) includes some 12,000 professionally trained staff working within finance and support industries.
The Islands main language is English. However, due to Jerseys cosmopolitan nature, most European languages are spoken and can be used for business transactions.
With a business day that begins before Tokyo closes and continues well into New York trading time; a close proximity to Europe but independence from the European Union; Jersey offers both location and time zone benefits.
The British pound (£) and Jersey pound (valued 1:1) form its retail currency, with all major currencies accepted for financial transactions.
The strength of the economy continues to depend in the most part on the performance of the finance industry which accounts for over 50 per cent of the Island's national income. Many firms in this sector are experiencing strong business growth, and through their employment of school leavers and other Island residents, and through their purchase of local goods and services, the benefits of that growth are being spread across the economy.
The Island offers:
- wide-ranging financial, accountancy, legal and other professional expertise
- independent and stable political and economic strategies
- internationally recognised regulation and leading edge legislation
- state of the art electronic communications
- an industry-wide selection of investment services and opportunities
The latest statistics on Jerseys Finance Industry show that the funds sector was the star performer during 2007 with the value of funds under administration reaching a new high of £246.1 billion, a 37% increase in value during the year.
Banking deposits also enjoyed a solid year of growth, passing the £200 billion milestone during the year and ending at £212.3 billion by December 2007, an increase of 11.9% during the last twelve months. This success was despite a £7 billion dip in deposits during the final quarter as a result of two banks re-structuring their branch operations.
In an encouraging trend, Jersey also welcomed a number of new providers to the Island in 2007, through the issuing of two new banking licences, the arrival of a number of new fund administrators and new entrants in the asset management sector.
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Last updated: 4th of August 2008 by JerseyWeb