01 July 2015
Assistant Chief Minister Senator Philip Ozouf has made the following statement in response to the release of the Financial Inistitutions 2014 report on Wednesday 1 July 2015:
"The results of the Survey of Financial Institutions are extremely welcome news and a further strong indication - together with strong growth in overall employment and in earnings - that the economy returned to growth in 2014.
"The effort and resources which were deployed in researching, consulting on and implementing the new financial services strategy were considerable. It is encouraging that this investment in time and energy is proving to be successful.
"While we cannot take future success for granted these results should give both the increasingly diversified financial services sector and the wider community a significant boost.
Industry profit growth improved
"The survey backs up the anecdotal information that we have had from financial services industry and signals that we are on the right track. Industry profits growth last year was better than expected and shows very positive signs that the financial services industry is returning to more normal profit levels, despite a number of challenges remaining in the economy. The banking sector, in particular, is now in a strong position for the further restructuring which is to come over the next three to four years as UK banking sector reform is implemented.
"The banking sector showed the biggest increases but this is an industry-wide improvement driven by smaller sectors, such as trust and company administration and fund management as well as large institutions – an increase in activity in trusts and funds provides additional activity for banking. There is real growth in what financial services spends on goods and services in the local economy which is also positive for the non-finance sector.
"The news that the level of growth in employment of school leavers and university returners are at the highest levels since the mid-1990s is also extremely good news, indicating that the sector is now recruiting and training for the future."
View the Financial Institutions Report 2014