Treasury Minister Meets World's Financial Leaders

[Mutley]

http://www.iomtoday.co.im/isle-of-man-busi...cial.4616317.jp

 

 

[Declan]

That speech in full...

 

"We in Tynwald could teach these Banana Republics a thing or two."

[Skeddan]

Wow. I think very well done to Alan Bell - this sounds like a really sound and strategic initiative which has been very well thought through and extremely well put together, with a great deal of effort going into getting it right. Be great if other ministers showed more of this kind of real vision and energy. I think he should be congratulated for outstanding achievement in doing this - fantastic. Bloody brilliant.

 

An innovative programme run by Oxford University's Saïd Business School will enable some 25 officials a year from the central banks, finance ministries and regulatory bodies of small states to improve their ability to manage their financial sectors and engage more effectively with the global financial system.

 

The initiative will bring together leading professors from Oxford, Harvard, and other universities, along with practitioners from throughout the world, including several from the Isle of Man, to engage with 25 small state officials each year for a two week programme using the facilities of the Isle of Man International Business School, starting in September 2009.

 

Mr Bell said: 'Events in the financial markets over the past few months and days have brought into stark relief the need for all countries to have well run banking and financial sectors and to embrace sound regulation, so we believe this programme will be very timely.

 

'As small states we are all familiar with how difficult it is for us to negotiate with the big boys.'

 

The programme will include topics such as sound regulatory practices, risk-based banking supervision, financial legislation, the scope for central bank collaboration among small states, and improving the performance of government agencies in the financial sector.

 

It will also include anti money- laundering and the Stolen Assets Recovery or StAR initiative of the World Bank and the UN Office on Drugs and Crime. The programme will be jointly funded by the Isle of Man Government and several international organisations and bilateral donors.

 

The World Bank and the Commonwealth Secretariat have played a major role in helping the Island to develop the initiative and it was widely welcomed by ministers and officials attending the forum.

 

If carried through with long-term commitment that I hope this will get, potentially this could develop to becoming something like the finance world's equivalent to the Royal College of Defence Studies. A world class training programme, think tank, research centre, etc. and bringing together finance leaders from around the world.