XNOTABENE And what about ? Jersey, one of the , is . Accountancy, tax and audit under administration has risen by 5% an international financial centre . Corporate and trust law over the last quarter and by over 30% with 51 banks and over 30,000 regis- . Trust and company administration over the last 12 months, bank deposits tered companies. Jersey has a flour- . Personal and corporate banking have grown by 3.7% to £219 billion ishing fund management sector and . Investment management, advice and by 17% since the same point last world renowned expertise in trusts and dealing year. with nearly 200 trust companies. . International pensions and Geoff Cook, the chief executive of life assurance Jersey Finance Limited, commented Finance provides 60% of GDP and . Mutual fund products and the development with the follwing some 60% of tax income. The finance fund administration statement: “These figures show yet industry is attracted to Jersey by the is- . Treasury operations another quarter in which Jersey’s fi- land’s stable government, its proximity . Global custody nancial services industry has reported to both the UK and continental , . Bond and securitisation issues good growth rates across all sectors, the significant body of expertise in a . All classes of insurance and which clearly demonstrates the quali- wide range of financial services and a reinsurance, including captive ties of Jersey’s products and services. competitive tax environment. The in- . Employee share option schemes (...) The number of companies incor- dustry has a 40-year track record fol- porated in Jersey has now risen to lowing various economic liberalisation Continued growth across all sectors 33,624, the largest quarterly rise for the moves in the early 1960s. The latest statistics on Jersey’s finance year, despite the fact that the last quar- industry show that the net asset value ter encompasses the period when an- Wide range of financial services of funds under administration in the is- nual strike-offs occur. Over the last 12 For institutional and high net worth in- land has reached further record levels months, the value of funds under ad- vestor as well as intermediaries Jersey of more than £220 billion and has, for ministration has increased by 30% and offers complete finance solutions. For the first time, overtaken the level of the amount of money on deposit in companies not wishing to establish a bank deposits held. The figures for the Jersey has risen by 17%. These growth direct presence within the Island, Jer- third quarter of 2007 indicate that all rates are positive news indeed, espe- sey institutions offer management ser- sectors of Jersey’s finance industry are cially following the credit crunch ear- vices to suit every need. Jersey’s range continuing to experience steady growth. lier in the summer.” of services includes: Whilst the net asset value of funds www.gov.je.

At last: Direct flights from Zurich and Geneva to Jersey and With a direct flying time of just 90 minutes, the routes from uled flights to and from Geneva and Zurich is excellent news for Switzerland to the Channel Islands are now being served by the finance industry. I am sure it will be welcomed by financial Blue Islands airline. institutions that have parent organisations in Switzerland, the in- For business class comfort, Blue Islands flies a new 32-seat Dor- creasing number of Jersey firms that have offices or representa- nier 328, the aircraft of choice for senior executives. It will also tives based in these locations and the many other finance profes- offer leisure travellers a direct connection between Europe and sionals with clients or business connections in these important the Channel Islands all year round. The airline will operate the centres. In addition, the more business people from locations Geneva route on Mondays, Wednesdays and Fridays whilst ser- such as Switzerland have the opportunity to fly here directly, the vicing Zurich on Tuesdays, Thursdays and Sundays. Connecting more likely it is that they will visit for meetings when the occa- flights from Jersey to Guernsey will be operated by the airline’s sion demands. Their presence in the island will in turn benefit Jetstream aircraft. other industry sectors, all of which, I am sure, will welcome this This Channel Islands air link will provide an important eco- new service.” nomic enabler for the Channel Islands financial sector, benefit- His comments are echoed by Derek Coates, chairman of ing both Swiss and island financiers seeking fast, convenient air- Blue Islands: “We have been delighted with the co-operation we links between the international finance centres of Europe. have received from the Jersey authorities. It is a long overdue air- Alan Maclean, assistant minister for economic development: link that places the Channel Islands at the financial centre of “The introduction of these services is without doubt great news Europe.” Paul Sabin, managing director of Blue Islands: “We for the business community but it will also offer leisure travel- recognised a long time ago the potential for new routes and both lers a year-round direct connection between Europe and Jersey. Zurich and Geneva are a valuable addition to our existing net- (...) I congratulate Blue Islands on securing these important work.” And, finally, Albert Good, consul of Switzerland for the routes and wish them every success.” The announcement has Channel Islands: “This is a new venture that will benefit both been welcomed by business leaders, including Pierre Horsfall, Switzerland and the Channel Islands. It receives my whole- chairman of Jersey Finance Limited: “The introduction of sched- hearted support.”

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