Guernsey drops four places in finance centre rankings

Guernsey has dropped four places in a ranking of global finance centres, but experts say they are not concerned.

The island was ranked 26th in the Global Financial Services Index, four places below Jersey, but ahead of the Isle of Man.

Guernsey Finance, the group that promotes the local industry, said the island had retained its position as a leading "offshore" centre.

Peter Niven, its chief executive, said the result was a satisfying one.

He said: "Overall I think we can be satisfied with the outcome of this report.

'Good position'

"We can see from the table that Guernsey is not alone - particularly among 'offshore centres' - in seeing a drop in its ranking."

While Guernsey's score fell by 16 rating points, Jersey dropped 17 points and four places to 22nd and the Isle of Man lost 20 points and eight places, falling to 32nd place.

Mr Niven said the trend was down to emerging financial hubs such as Taipei, in Taiwan, and Seoul, in South Korea.

He said: "They have gained significantly from the last report and so have both Hong Kong and Shanghai."

Mr Niven said the island's work in establishing and strengthening relationships with these areas put the island "in a very good position to take advantage of the business flowing through these rapidly developing centres".

London came top of the list of 75, which is published every six months.