Finance chiefs upbeat on island

Guernsey will escape the worst effects of the worldwide banking crisis, say financial experts in the island.

Business body Guernsey Finance said the island had "carved out a great niche" after improving legal conditions and regulations for investors.

Deposits and funds under management in Guernsey reached �335bn at the end of June, up 27% on the previous year.

Investors are attracted by low taxes, with most businesses liable for O% company tax.

Peter Niven, chief executive of Guernsey Finance, told the Financial Times: "Guernsey is the jurisdiction of choice, which can hold its own against competition from larger centres in sectors such as private equity, where we've carved out a great niche."

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