Posted: 26/09/2012
Guernsey has been ranked 28th in the latest Global Financial Centres Index (GFCI).
The Island has moved up three places from the last report, which was published in March this year and alongside Jersey, is considered a “leading offshore centre”.
Fiona Le Poidevin, Chief Executive of Guernsey Finance – the promotional agency for the Island's finance industry internationally, said: “It is encouraging to see us move up the rankings and in particular that the report specifically highlights that we are one of the two leading offshore centres.”
GFCI reports have been published twice a year for the last six years. The latest report, GFCI 12, says that generally offshore centres suffered significant reputational damage during and in the wake of the financial crisis but now they are starting to make up the lost ground.
Miss Le Poidevin added: “In line with the other offshore centres, we fell in the rankings during the last few years, which was partly as a result of the financial crisis and its effects but also due to the number of centres, particularly from the emerging markets, being taken into consideration within the reports. Either way, it is very pleasing to see that we have stabilised the situation and it now appears that we have turned the corner and once again, we're heading in the right direction. This reflects the trends within the industry where – despite variations between individual sectors – the overall picture is one of stability with signs of modest growth.”
GFCI 12 is published by Long Finance and sponsored by the Qatar Financial Centre Authority. London retained its position at the top of the table, followed by New York, Hong Kong, Singapore and Zurich.
In terms of the other foremost offshore centres, Jersey was ranked 20th, the Isle of Man 40th, followed by Cayman Islands (44th), British Virgin Islands (45th) and Hamilton in Bermuda (46th).