BANKING SYSTEM OF JERSEY 

Banking operations in Jersey are regulated and governed by the Banking Business Law and the Banking Business (General Provisions) Order both of 1991. The laws provide for the protection of Jersey’s economic interests and as a financial centre as well as the actual depositors. All operations are supervised by the Finance and Economics Committee of Jersey who is responsible for the consideration and issuing of banking licenses, Banking registration fees stand at an initial amount of GBP7.500 and every year thereafter.

There are more then 55 banks operating in total in Jersey including branches and subsidiaries of British clearing banks and international banks, offering a full banking range of services. Advantages to banking on the Island include confidentiality, freedom of currency exchange, tax deferral, tax reduction and low commercial and political risk. The overall volume of deposits in Jersey in September 2003 stand at approximately GBP155.8 billion, a 14% increase compared with the same period of 2002.

The principal banking services offered include, deposit accounts, foreign exchange, trusts, fund management, captive management and purchase & sale of securities.

Jersey’s global location, time zone political stability and high traditional standards of regulation and service are deciding factors for financial institutions wishing to set up operations.

Some of the financial institutions operating include:

ABN AMRO Bank
ANZ Grindlays Bank
Banks of: India, Ireland, Middle East, Scotland, Wales.
Barclays Bank
Chase Manhattan
CitiBank
HSBC Private Bank
Kleinwort Benson
Lloyds Bank
Lombard
Midland Bank
Morgan Grenfell
Royal Banks of: Canada & Scotland.