Guernsey has been ranked as the top European specialist finance centre in The Banker’s annual ranking of international finance centres (IFCs).
The Financial Times-owned monthly international affairs publication bases its ratings on data ranging from financial market indicators to economic potential and business environment factors, focusing on the level of international business and the value offered to institutions seeking to expand their international operations.
Recognising that data for specialised financial centres is seldom consistent with that used for mainland financial centres, The Banker surveyed each specialist IFC and compiled a separate table using data relevant to those locations.
Guernsey was awarded a score of 98.40, an improvement of 12.37 on last year’s figure of 86.02, and enough to move it up one place to second overall behind the Cayman Islands.
However, Guernsey’s improved score saw it leapfrog Jersey, making it the top-scoring specialist IFC in Europe.
Guernsey Finance Chief Executive Dominic Wheatley (pictured) commented: “Guernsey sets high standards across all its sectors of expertise, and our ranking as Europe’s number one specialised finance centre is testament to that.
“Guernsey is the largest captive insurance domicile in Europe and an emerging centre for reinsurance business. Nearly 1,000 funds are domiciled or serviced in the island – with a value of more than £266bn – and the island is home to more non-UK entities listing on the London Stock Exchange than any other jurisdiction.”