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Treasury Minister Welcomes Latest Economic Data 30 May 2008

The Island’s financial services sector continues to weather the global storms according to Treasury Minister Allan Bell.

Allan Bell, Treasury Minister
“By now everyone is aware of the financial trouble deriving from the collapse of the US sub-prime lending markets. The resulting credit tightening is increasingly affecting the real world and creating economic slowdown,” the Minister commented.
“The pressure on global financial institutions has led inevitably to their consideration of issues such as risk, operating costs, and organisational structures. It would not be surprising if the outcome of such deliberations in some cases would be job cutting and reorganisation.
“But it is to be said that there are few, if any, signs of direct impact on our own financial institutions at this time. In this context it was pleasing and reassuring to hear the latest banking figures from the FSC, which revealed a 14% increase in deposits in Isle of Man banks over the last twelve months, including a 3½% increase in the most recent quarter.
“The Isle of Man operates as an open, international economy for goods, services and investment,” the Minister continued. “It will not be immune therefore from events and trends worldwide. But what we must focus on is continued excellence in the quality and range of services we provide and the maintenance of an environment conducive to innovation, enterprise, and general market competitiveness.
“If we can succeed in this then I am confident, and I know the industry is too, that the Isle of Man’s economic success of the last couple of decades can continue.”

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