From David Smith, managing director, Dexia Private Bank Jersey Ltd.
ONCE again, there is speculation in your paper, ‘Cash crisis could ground Air Display’ (JEP, 4 September) that this year’s International Air Display might be the last if funds cannot be secured to guarantee its future. Permit me through your letters to recount a few details from our experience with the air display in 2007.
By any measure, Dexia’s private banking operations in Jersey are modest. However, it may surprise your readers to learn that two years ago, we entertained three clients and four prospective clients on the day of the air display, whose combined personal assets totalled a fairly mouth-watering (to a private banker!) £600 million.
Earlier in the day, courtesy of (now) Deputy Mike Higgins, our guests had reviewed the static air show at the Airport, met the Red Arrows, enjoyed a brief low level trip around the Island in a bi-plane and been present for a mind blowing briefing to the crews who would be flying that afternoon. At every turn, the professionalism and commitment of the Jersey people was outstanding.
What of our guests? Well, all four non-clients subsequently became clients. These people are neither crooks, nor money launderers, nor Russians! They are astute, hard working business men and women, who have found success in their fields of expertise. They are looking for, and in Jersey have found, a stable political and financial environment, committed to the highest standards of probity and international banking expertise. They absolutely loved the event.
Fifteen years ago, my sense was that clients were very discreet about their banking arrangements. Today, there is little, if anything, to be hidden from anybody. The demand now is for the widest possible network of business acquaintances and the maximising of intellectual property – in other words, maximising who you know and what you know.
As a direct result of the introductions that were made that day, hospitals are being built for the people of one Middle Eastern and one African country, and a shopping mall is in the final stages of planning for another African capital.
The fact is that most men love speed and at least a little danger. The planes that make up the Jersey International Air Display are at times evocative, at times just downright awesome. They hold a fascination for men that the Battle of Flowers and Jersey Live are unlikely to satisfy, attractive though those events are to different members of our community and holidaymakers.
So I say let this year be the end of stories of under funding for the International Air Display. My challenge is to the politicians, the finance and the hospitality sectors. This event has the potential to enhance Jersey’s reputation in many ways and provide balance to the other internationally renowned events that we put on. Let’s provide the relatively modest extra funding to ensure that this event remains a permanent part of the Jersey calendar.
And ‘well done, again’ to Deputy Higgins for his continued commitment to the air
display!
