Jersey International Finance Centre
Start date: 08/12/2014
Status: Report published
What is the review about?
A review into the Jersey International Finance Centre (JIFC). The JIFC is being delivered by the States of Jersey Development Company, a wholly owned subsidiary of the States of Jersey.
The review commenced in October 2014 and an interim report was published in October 2015. The final report was published on 14 July 2017.
Terms of reference
1. To consider whether the 2008 Masterplan for the Esplanade Quarter continues to represent the best socio-economic value to the States of Jersey on behalf of the Public of the Island.
2. To assess the commercial viability of the implementation of the 2008 Masterplan for the Esplanade Quarter, with particular reference as to whether the Minister for Treasury and Resources/SoJDC have appropriately undertaken:
- An up to date assessment of the benefit to the Island of the proposed Jersey International Finance Centre
- An up to date assessment of whether the external market has changed from earlier analysis regarding the provision of such centres
- An up to date Assessment of the local demand v’s supply
- An up to date Assessment of the ability or otherwise of the private sector to deliver such a centre
3. To establish the current position of the Minister for Treasury and Resources/SOJDC regarding the pre-letting of office space prior to construction of the initial buildings of the proposed Jersey International Finance Centre.
4. To examine whether that position is consistent with previously established pre- let conditions, and with comparable market/industry expectations.
5. To assess the Minister for Treasury and Resources’ consideration of financial risk and liability management in relation to the proposed Jersey International Finance Centre (to include the consideration of any such risk in the context of the overall financial position of the States, and also in relation to the proposed capital program).
6. To consider whether there are any other points of note which arise from the examination of the Esplanade Quarter / SOJDC and / or the delivery structure presently envisaged, particularly in the context of previous undertakings, permissions, decisions or approved propositions.
7. To consider recommendations from any previous Scrutiny reports regarding SOJDC or the Esplanade Quarter and assess if they have been implemented, and if not, whether such implementation would still be desirable.