Jersey Finance Industry Explores Film Finance

by Robert Lee, Tax-News.com, London

21 October 2008

Jersey’s finance industry is exploring the potential to develop its capabilities as a centre for film finance.

Film makers and producers who attended a film financing seminar during a recent film festival in Jersey were alerted to the stream of potential funding available.

"Jersey based film funds already exist and they have funded a number of small and larger budget movies, but the potential has hardly been tapped and we are keen to develop this strand of business," explained Geoff Cook, chief executive of Jersey Finance Limited.

The seminar was attended by delegates from a range of film and documentary makers and producers from the UK who were in the Island during the 1st Branchage Jersey International Film Festival at the end of September.

As a further boost to the film finance sector, government representatives told delegates that the Island was working on leading edge legislation in the field of intellectual property rights.

Senator Philip Ozouf, Minister for Economic Development in Jersey, added:

"The Economic Development Department is always looking for ways to diversify the economy and this move to encourage movie makers to seek funding from Jersey for their future film productions is another acorn from which bigger things may grow."

Finance professionals in Jersey highlighted the funding potential available from some of the Island’s existing investment vehicles including private equity funds, which can be set up and approved through a streamlined regulatory process and Jersey Limited Partnerships.

John Henwood, MBE, a non Executive Director on the Board of Jersey Finance, and former managing director of Channel Television in Jersey, added:

"Film and television production still represents an opportunity for Jersey to develop a valuable new strand to its economy and if the Island’s Government, law makers and finance industry professionals continue to work together effectively on the project, the Island will have an even more attractive package of film financing opportunities for international film makers."

Those speaking at the seminar included Phil Hunt, co-managing director of Bankside Films; Philip Burgin, Group Director, Jersey Trust Company and John Davey, chief executive, Spearpoint.

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