Channel Islands begin campaign to woo Eurocrats

Jersey and Guernseys efforts to wield more influence in Europe have begun

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The meeting was attended by representatives of various EU financial centres, including the City of London, Frankfurt, Munich, Paris, Madrid, as well as national representations from the Netherlands, Sweden and Luxembourg, and Guernsey and Jersey officials.

The talks were said to cover a number of issues including future EU plans regarding the regulation of financial services and the competitiveness of European financial centres.

According to the Jersey Government, discussions have now also been held with the European Banking Federation and with the Cabinet of Commissioner Barnier, which is responsible for EC Internal Market and Financial Services

Tom Walker, Jersey’s director of international affairs, said: "These were helpful discussions in explaining the importance of the Channel Islands to the European financial system and the vital role we play in providing liquidity.

“We were also able to emphasise the need to balance increased EU regulation with continued market access for jurisdictions like the Channel Islands that achieve equivalence with EU standards.”

The Channel Islands Brussels office was opened late last year in response to growing European regulation that affects Jersey and Guernsey, such as the AIFM directive, despite them not being EU members.

In a separate development, Bill Ogley, chief executive of the States of Jersey for the past eight years, is to leave the role. A replacement for the top civil service job has yet to be announced.

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