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Press Release - 30 November 2001

Jersey Financial Services Commission Quarterly Report

The Jersey Financial Services Commission has today (30 November 2001) issued a quarterly report for the period 1 July 2001 to 30 September 2001.

Headlines

Compared with 30 September 2000, funds have increased by 5.5%

Bank deposits rose during the quarter to £129 billion - an increase of 9.3% on the same date last year

Funds

As of the 30 September 2001 the value of funds stands at £95 billion. This is a decrease of 11.57% since the last quarter. ( See Appendix A ) The drop appears to be almost exclusively down to a drop in the value of the underlying portfolios of funds. This can in the main part be attributed to the effect of the atrocities in the US on September 11th. Compared with the same quarter last year, however, the value of funds have increased by 5.5%.

The number of funds for this quarter have fallen from 302 to 296. However, sub funds have continued to rise to 1692.

Bank Deposits

Jersey bank deposits have risen to £129 billion. This is a rise of 9.3% against the same quarter last year. ( See Appendix B )

The number of banking licences has remained constant with the first two quarters of 2001 at 70.

Investment Business

The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stands at £32 billion. When compared to the same quarter last year, this shows a decrease of 3.29%. This can mainly be attributed to the effect of the atrocities in the US on September 11th.

As at 30 September 2001, the total number of clients of investment managers was 22,649.

Company Incorporations

The total incorporations for the third quarter of 2001 is 611, which shows a decrease of 11.6% over the same period last year.

The number of fast track companies for this quarter is 228 and the number of normal company incorporations for this quarter is 383. (See Notes to Editors)

The Registry continued their success in minimising delays in their area and have recorded a 97.3% 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 September 2001

Insurance Business

The Insurance area report the addition of 4 new Category A and 1 new Category B permits for the third quarter of the year.

The annual permit renewal exercise for the year has been virtually completed. Because of mergers and acquisitions in the industry, fourteen Category A permits and two Category B permits have not been renewed.

At this time, there are 150 Category A permits in issue and seventeen Category B permits.

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

Fig 2

All Insurance Licences
as at 30 September 2001

Other news

The number of security issues by Special Purpose Vehicles (SPVs) authorised during this quarter is 47.

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

Fig 3

SPVs as at 30 September 2001

Issues & Warrants

2000	ISSUES	WARRANTS	TOTAL
March	147	19	166
June	183	30	213
September	163	50	213
2001	ISSUES	WARRANTS	TOTAL
March	139	24	163
June	63	109	172
September	47	185	232

Conclusion

Richard Pratt, Director General of the Commission commenting on the quarterly statistics said today, "It was to be expected that the slowdown in the World economy and the effects of the terrible events in the US on September 11th would have an impact on the flow of business to Jersey. Jersey's robust response to the events of September 11th and its manifest willingness to co-operate with others in tracing terrorist funds, has demonstrated that it retains a high reputation. This is the essential foundation for the future."

Appendix A

Annual growth in Collective Investment Funds to date. £ Millions

DATE	TOTAL VALUE £ MILLIONS	NUMBER OF FUNDS	TOTAL NO. OF SEPARATE POOLS
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
30 Sep 2001	94,823.8	296	1696

Appendix B

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

DATE	NO OF BANKS	STERLING	CURRENCY	TOTAL
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
30 Sep 2001	70	42,115	86,955	129,069

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	611

Appendix D

ALL INSURANCE LICENCES ISSUED TO 3O JUNE 2001
30 Sep 98	160
30 Sep 99	174
30 Sep 00	183
30 Sep 01	167

Appendix E

SECURITY ISSUES AUTHORISED ISSUED TO 3O JUNE 2001
30 Sep 98	205
30 Sep 99	297
30 Sep 00	494
30 Sep 01	249

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