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Press Release - 30 August 2001

Jersey Financial Services Commission Quarterly Report

The Jersey Financial Services Commission has today (30 August 2001) issued a quarterly report for the period 1 April 2001 to 30 June 2001.

Headlines

The value of funds continues to rise and now stands at £106 billion. This is the first time that the value of funds has ever risen above £100billion.

Bank deposits rose during the quarter to £126 billion

Assets under management rose to £36 billion

Funds

As of the 30 June 2001 the value of funds stands at £106 billion. This is an increase of 21.23% over the same quarter last year, and the first time the figure has exceeded £100 billion. ( See Appendix A )

The number of funds for this quarter have fallen from 313 to 302. However, sub funds have continued to rise to 1575.

Bank Deposits

Jersey bank deposits have risen to £126 billion. This is a rise of 9.2% against the same quarter last year. ( See Appendix B )

The number of banking licences has remained consistent with the first quarter of 2001 at 70.

Investment Business

The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stands at £36 billion. When compared to the same quarter last year, this shows an increase of 8.6%.

As at 30 June 2001, the total number of clients of investment managers was 22,049.

Company Incorporations

The total incorporations for the second quarter of 2001 is 679, which shows a decrease of 6.6% over the same period last year. The total for each quarter has now been remarkably stable over the past year.

The number of fast track companies for the first quarter is 188 and the number of normal company incorporations for the first quarter is 491. (See Notes to Editors)

The Registry continued their excellent success in minimising delays in their area and have recorded a 97.6% rate against their self imposed targets. (See Notes to Editors)

The following tables (Figs 1 & Appendix C.) illustrates the number of new company incorporations over the past four years.

Fig 1

Company Incorporations
as at 30 June 2001

Insurance Business
The Insurance area report the addition of 2 new Category A and 1 new Category B permits for the second quarter of the year.

One category A permit has been cancelled, and two have been surrendered following the completion of their acquisition by another company.

One captive insurance company has closed and transferred its assets and liabilities to Bermuda, due to an acquisition.

The table at Appendix D shows the steady growth in insurance in the first six months of the past four years.

Fig 2

All Insurance Licences
as at 30 June 2001

Other news

The number of security issues by Special Purpose Vehicles (SPVs) authorised during this quarter is 66.

The table at Appendix E shows the movement in the number of SPVs approved in the first six months of the past four years as of 30 June 2001.

One issuer has temporarily suspended new issues pending a review of their internal systems and this has resulted in a reduction in the quarterly figures.

Fig 3

SPVs as at 30 June 2001

Conclusion

Richard Pratt, Director General of the Commission commenting on the quarterly statistics said today, "It is encouraging that funds and bank deposits continue to rise in difficult world economic conditions. It is likely that these conditions will continue to affect business growth but these results show that Jersey is still experiencing a healthy influx of business."

Appendix A

Annual growth in Collective Investment Funds to date. £ Millions

DATE	TOTAL VALUE £ MILLIONS	NUMBER OF FUNDS	TOTAL NO. OF SEPARATE POOLS
30 Sep 1997	37,874.7	319	1046
31 Dec 1997	35,884.8	333	1107
31 Mar 1998	35,241.6	335	1150
30 Jun 1998	37,818.5	334	1170
30 Sep 1998	37,798.7	329	1190
31 Dec 1998	45,310.5	344	1205
31 Mar 1999	52,189.2	343	1260
30 Jun 1999	57,222.1	323	1259
30 Sep 1999	58,667.5	323	1321
31 Dec 1999	71,579.5	324	1361
31 Mar 2000	80,726.2	330	1401
30 Jun 2000	87,082.8	314	1373
30 Sep 2000	90,310.5	313	1410
31 Dec 2000	90,866.8	321	1423
31 Mar 2001	94,758.3	313	1438
30 Jun 2001	105,612.6	302	1575

Appendix B

Annual growth in Banks and Bank Deposits to date. £ Millions

DATE	NO OF BANKS	STERLING	CURRENCY	TOTAL
30 Sep 1997	80	32,923	63,593	96,516
31 Dec 1997	82	36,254	61,061	97,315
31 Mar 1998	79	37,236	59,218	96,454
30 Jun 1998	79	37,848	61,937	99,785
30 Sep 1998	79	39,220	64,437	103,657
31 Dec 1998	79	36,491	66,785	103,276
31 Mar 1999	77	36,411	68,285	104,696
30 Jun 1999	77	38,245	70,774	109,019
30 Sep 1999	77	38,418	69,003	107,421
31 Dec 1999	77	37,883	70,522	108,405
31 Mar 2000	73	39,250	69,992	109,242
30 Jun 2000	73	40,862	74,217	115,079
30 Sep 2000	73	38,933	77,001	117,934
31 Dec 2000	74	39,827	77,423	117,250
31 Mar 2001	70	41, 227	80,949	122,176
30 Jun 2001	70	42,377	83,520	125,897

Appendix C

QUARTERLY COMPANY INCORPORATIONS
	31 March	30 June	30 September	31 December
1998	845	665	623	586
1999	645	625	720	709
2000	970	727	684	683
2001	680	679

Appendix D

ALL INSURANCE LICENCES ISSUED TO 3O JUNE 2001
31 Dec 1998	157
31 Dec 1999	173
31 Dec 2000	189
31 Dec 2001	186

Appendix E

SECURITY ISSUES AUTHORISED ISSUED TO 3O JUNE 2001
31 Dec 1998	123
31 Dec 1999	238
31 Dec 2000	280
31 Dec 2001	202

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