Local company Enhance have been appointed by The States of Jersey Treasury to undertake a review of the Treasury’s bank limit list, with a view to assessing the potential credit risk. The States appointment represents a significant vote of confidence for Enhance, which provides a range of bespoke cash management solutions to local and international trust clients.
The review forms part of the States Treasury’s ongoing monitoring initiatives designed to protect the island’s finances. Speaking about the role, Treasurer of the States, Laura Rowley said: ‘The States Treasury manages the island’s finances and assets and ensures the protection and good use of public funds. In this capacity, it’s vital that our monitoring processes are of the highest standard and kept up to date, and we’re pleased to be able to appoint Enhance to conduct an important review of our bank limit list with regard to credit risk. This is especially relevant in the current climate as the credit worthiness of even the most robust financial institutions remains under scrutiny. We endeavour to support local businesses wherever possible and it’s a reflection of the island’s stringent financial regulatory systems that we now have local businesses of sufficient calibre and competence to be able to undertake a project at this level.’
Enhance Group’s team of treasury professionals is headed up by Kevin Moore and provides a range of treasury services from pooling and cash management to diversifying bank credit risk and managing banking relationships for trustees. Commenting on their appointment, Enhance’s Managing Director James Painter said: ‘Having participated in two tender processes for the States of Jersey, we are now delighted to have been appointed in this capacity as we feel that it represents an important vote of confidence in our processes and our team.’
The new appointment for the group is another success story for the Economic Development Department who provided Enhance with valuable support and guidance at the company’s initial development stage, seven years ago. Economic Development’s CEO Mike King said: ‘We are pleased to see that our colleagues in the States Treasury are contracting with local businesses and ensuring that where appropriate, local firms that demonstrate the right expertise and range of services required, are encouraged to work in partnership with and for the States of Jersey.’