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Press Release - 29 May 2002

Jersey Financial Services Commission Quarterly Report

The Jersey Financial Services Commission has today (29th May 2002) issued a quarterly report for the period 1st January 2002 to 31st March 2002.

Headlines

The value of funds has risen to £107 billion.

Bank deposits rose during the quarter to £135 billion.

Funds

As of the 31st March 2002 the value of funds in the Island stood at £107 billion. This is an increase of 3.4% since the last quarter. ( See Appendix A ) Compared with the same quarter last year, the value of funds have increased by 12.8%.

The number of funds for this quarter has increased from 327 to 353. Sub funds are at 1503, an increase on the figure for 31st March 2001.

COLLECTIVE INVESTMENT FUNDS
(£ MILLION) IN THE FIRST QUARTER OVER THE PAST FOUR YEARS

Bank Deposits

Jersey bank deposits have risen to £135 billion. This is a rise of 10.5% against the same quarter last year. ( See Appendix B ) It represents an increase of 2.2% against the last quarter.

The number of banking licences has decreased from 64 in the last quarter of 2001 to 61. This can mainly be attributed to further restructuring and mergers.

BANK DEPOSITS (£ MILLION) IN THE FIRST QUARTER OVER THE PAST FOUR YEARS

Investment Business

The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stood at £ 31 billion. When compared to the same quarter last year, this shows a decrease of 14.1%. However, against the last quarter represents a 2.3% decrease. These changes reflect movement in world markets.

As at 31st March 2002 the total number of clients of investment managers was 23,314.

Company Incorporations

The total incorporations for the first quarter of 2002 was 889, which shows an increase of 15.1% over the same period last year.

The number of fast track companies for this quarter was 279 and the number of normal company incorporations for this quarter was 610. (See Notes to Editors)

The Registry recorded a 90.1% rate against their self-imposed targets of 95%. The target was not met due to significant large volumes of companies incorporated on two days in January and February. February showed a 58% increase over the same period last year.

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

Fig 1

TOTAL NEW COMPANY INCORPORATIONS IN THE FIRST QUARTER OVER THE PAST FOUR YEARS

Insurance Business

There were two new Category A and one new Category B Insurance permits for the first quarter of the year.

On 31st March 2002, there were 160 Category A permits in issue and 19 Category B permits.

Fig 2

ALL INSURANCE LICENCES AS AT
31 MARCH 2002

Conclusion

Richard Pratt, Director General of the Commission commenting on the quarterly statistics said today, "It is encouraging to see the steady growth in the value of funds continuing, despite the recent uncertainty in world markets. It is also pleasing to see the continued rise in bank deposits."

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
31 Dec 2001	103,375.9	327	1591
31 Mar 2002	106,854.0	353	1503

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
31 Dec 2001	64	44,057	88,116	132,173
31 Mar 2002	61	43,324	91,716	135,041

Appendix C

QUARTERLY COMPANY INCORPORATIONS
	31 March	30 June	30 September	31 December
1999	645	625	720	709
2000	970	727	684	683
2001	680	679	611	790
2002	889

Appendix D

ALL INSURANCE LICENCES ISSUED TO 31 MARCH 2002
31 Mar 99	170
31 Mar 00	181
31 Mar 01	186
31 Mar 02	179

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