by Jason Gorringe, Tax-News.com, London

11 October 2012

Guernsey has been placed first in Europe and second globally [Cayman Islands is first] in the latest rankings of specialist finance centres published annually by trade title, The Banker.

Guernsey maintains its position from last year, one place behind the Cayman Islands. Jersey remains fourth and the Isle of Man has moved up a position, from seventh to sixth.

Fiona Le Poidevin, Chief Executive of Guernsey Finance – the promotional agency for the island’s finance industry, said: “It is very pleasing to see that we have maintained our position as the leading specialist finance centre in Europe and second globally. Last year we had moved up two places and this reflected the fact that the island was proving more robust in the face of the global financial crisis and its aftermath than many of our competitors. Similarly, maintaining our position this year shows that overall we are showing stability at a time of continued uncertainty in the global economy.”

She added: “Indeed, the underlying figures show that our score improved more than any of those centres immediately below us in the rankings and so, in fact, we have not just held but actually extended our lead over Jersey and the Isle of Man.”

The rankings are based on data supplied by each territory on the value of their respective financial services sectors as at the end of 2011.

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http://www.tax-news.com/news/Guernsey_Remains_Leading_Specialist_Financial_Centre____57735.html