JERSEY’S financial services sector will start 2009 with a raft of consultations to prepare for global scrutiny.
The international reviews come at a time when analysts are predicting a further slowdown in the Island’s finance sector in 2009.
Results for the final quarter of 2008 are not due to be released until next month, but it is likely that end-of-year profits are down, banking deposits are down and the net asset value of funds is also lower than in previous quarters.
However, there is unlikely to be mass redundancy in the Island’s finance sector, according to Geoff Cook, chief executive at Jersey Finance. ‘Certainly at the moment it has been hard to recruit experienced staff and there are still a huge number of vacancies. That will have an effect for quite some time,’ he said.
