The Channel Islands Treasurers Association (CITA) is to hold its inaugural meeting in Jersey at 3pm on 28 February.
CITA has been formed to give treasurers a formal voice to engage with government, regulators and other professionals and industry bodies across the Channel Islands.
Key concerns include banking reform, regulatory changes, a low or negative interest rate environment, account opening barriers and counterparty risk.
As an informal group, it had been in informal discussions with the Jersey Financial Services Commission (JFSC) and Jersey Finance about the JFSC's Consultation Paper No. 3 2017 Basel III: Liquidity Management. This led to the group voting to formally establish itself as an association.
A President and all other positions will be established at the meeting in February.
CITA's founding members include several pan-island companies and a Guernsey-based fund manager, though the association is looking to recruit members from fiduciaries, investment businesses, cash managers, family offices and corporate treasurers operating in the Channel Islands.
UK equivalent
The UK's professional body of treasurers, the Association of Corporate Treasurers (ACT), was created in 1976 during a period of volatile markets and the relaxation of exchange controls. The ACT now has over 5,000 members, including 88 per cent of FTSE 100 companies, and it obtained Royal Charter in 2013.
The newly formed CITA will initially consider similar challenges, such as the impact on interest rates and the value of GBP due to the prolonged Brexit negotiations, the rumoured reintroduction of exchange rate controls if Labour were come back into government and the changing position of UK banks after ringfencing.
The association sees its role as complementary to other professional and industry bodies in the islands, focusing on the management of cash and promoting and maintaining high standards of professional conduct among treasury functions across the islands.
If you are interested in attending the inaugural meeting or becoming a member, please contact peter.scriven@jcap.co.uk