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WorldJuly 1 2014

Jersey bond underscores financial centre status

Jersey issued the first bond in its 800-year history to finance a renewal of its housing stock, and seized the opportunity to tell the crown dependency's story.
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Jersey bond underscores financial centre status

The Crown Dependency of Jersey has been an autonomous state for 800 years. While it is part of the British Isles and uses sterling as its currency, Jersey has its own legislature, enjoys fiscal and political independence and boasts its own language, Jersey French or Jèrriais. Until June 2014, however, Jersey had never tapped the bond markets.

“We do not have a policy of issuing bonds to finance debt. We are a major financial centre, we have a long-term, prudent economic strategy and a net asset surplus of £5.6bn [£9.49bn],” says treasury minister senator Philip Ozouf.

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