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AIB Boss To Drive Jersey's Financial Centre Strategy

by Jason Gorringe, Tax-News.com, London

05 October 2012


Joe Moynihan, the current Chief Executive Officer of Allied Irish Banks Jersey, has been appointed to the new role of Jersey's Director of Financial Services, to lead the island in its efforts to remain an innovative world-leading international financial centre.

Moynihan has been recruited to undertake the development of a new financial services strategy for the island, reporting to the Economic Development Minister, Alan Maclean. Working with Jersey’s financial marketing and regulatory bodies, he will be jointly responsible for ensuring that the financial services sector remains globally competitive, builds on its strengths, develops new products in new markets and maintains the high international standards for which Jersey is renowned. He will play a key role in formulating policies to respond to international initiatives and challenges, and will participate in efforts to enhance Jersey's reputation as a quality finance centre.

Commenting on the appointment, Maclean said: “I welcome the appointment of Moynihan to this very important role for our major industry. He has a wealth of experience in Jersey’s finance industry, and his role will provide a single point of responsibility within government for this important sector."

“One of his tasks will be to coordinate the process of developing new laws. As global competition continues to intensify, we will need to respond quickly with new products, some of which may require legislation before they can be brought to market. A coordinated approach will help us move promptly into new markets, ensuring the continued success of the industry that generates significant employment opportunities for islanders.”

Moynihan commented: “I am very much looking forward to taking on such a challenging role. Jersey has a proud history and reputation in the international financial services industry, built on a very solid foundation of government support, top quality professional businesses and excellent promotional and regulatory bodies."

“Like all sectors in the island we need to respond to the challenges presented by the ever changing external environment and I hope to play a part in ensuring that we secure the future of our financial services industry.”

TAGS: tax | investment | law | banking | financial services | international financial centres (IFC) | Jersey | offshore | legislation | standards | services

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