Guernsey reopens investment talks with EIF

Posted: 01/04/2019

Dominic WheatleyGuernsey funds have been reopened to millions of euros of potential investment as a result of confirmation from the European Council of Finance Ministers (ECOFIN) that the island is no longer considered a non-transparent and uncooperative jurisdiction by the European Union.

Confirmation in March that the island’s legal substance requirements were considered compliant with EU requirements has meant the European Investment Fund (EIF) is once again permitted to invest into Guernsey funds.

The EIF is a specialist provider of risk finance for small and medium-sized enterprises across Europe, backed by the European Investment Bank, European Union and a range of public and private banks and finance institutions. It has just published new policy on its operations following the ECOFIN ruling.

The Channel Islands Brussels Office (CIBO) has confirmed that there should now be no impediment to private equity firms in the islands conducting business as usual with the EIF, which has invested into Guernsey funds previously as part of €147bn invested across Europe.

Dominic Wheatley (pictured), Chief Executive of Guernsey Finance, commented: “This is great news for Guernsey and a validation of all the work over the past couple of years to ensure that Guernsey has been recognised by the EU as a jurisdiction of real substance. It demonstrates once again that we are seen as a quality jurisdiction with robust regulation."

Further talks are expected between EIF and CIBO, in which CIBO will seek greater detail.

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