Joe Moynihan, chief executive of Jersey Finance, said that the body was working on a ‘daily basis’ to monitor the impact of the pandemic and to plan for the eventual recovery of the Island’s economy.
‘Generally, we’ve been really impressed by the way our industry has responded to the need for remote working,’ he said.
‘They have been quick to roll out their business-continuity plans and adapt to the new environment.
‘Of course, the finance industry is hugely diverse, serving a really broad range of clients, from local people and businesses, to investors, international corporates and families right across the world, so clearly there is some differential in terms of scale of operation and some sectors being more affected than others. But by and large, the clear message is one of resilience, and that’s very positive.’
He added that it would be difficult to ‘assess the full business impact’ at this time or to speculate on what lay ahead for the economy in the ‘extraordinary circumstances’.
‘As an international business, our immediate focus is to monitor the global situation on a daily basis, working closely with our members, stakeholders and suppliers to assess the current environment and plan for the Island’s future recovery,’ he said.
Earlier this week, the Guernsey Chamber of Commerce said that its financial services industry ‘may need government assistance’ at some stage, as some firms have experienced drops in cash flow due to the market crash, while others have struggled to adapt to home-working arrangements.
Mr Moynihan did not echo the call made in Jersey’s sister island but said that the pandemic had had varying effects on different businesses within the sector.
‘We are hearing reports of varying degrees of disruption to firms in Jersey and to business flows and are working closely with our industry representatives to monitor the situation,’ he said.
‘There are many positive reports of new business, for example. International clients are reviewing their estate planning requirements which in turn is leading to new business enquiries, and our banking business remains steady.’
