Isle of Man economy more resilient than the UK

Isle of Man economy more resilient than the UK

The Isle of Man economy is so far proving more resilient than the UK, says Simon Hull, Managing Director of Conister Trust.

Mr Hull says: "Customer feedback is encouraging at present. With our focus on the Isle of Man market, and independence from overseas control, we are ideally positioned to adapt and respond to the local market conditions and are working with our customers."

"We remain in constant contact with our island wide dealer network and the feedback is that customers are still making enquiries about purchasing cars and vehicle finance, which is very positive news. With many of the UK car manufacturers recommencing vehicle production we have good reason to be optimistic about the future."

Mr Hull added that "Conister is in a better position than many lenders as the only independent bank on the Island".

"Our independence, and our focus on the Isle of Man, means that we know our customers extremely well and are able to respond to their needs more effectively than many of our competitors. We believe that localised decision making provides us with a competitive advantage, in that we are better at assessing local risks and constructing financing solutions for our customers.

"A volatile economy presents opportunities for banks with a strong capital base, access to liquidity and good risk management.

"Although the outlook remains uncertain, our continued focus on the Isle of Man is strengthening our overall position. Our heritage in the Isle of Man is not only where our past lies, but it is also what will provides us with a competitive advantage in the future."