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Press Release - 29 November 2002

Jersey Financial Services Commission Quarterly Report

The Jersey Financial Services Commission has today 29 November 2002 issued its quarterly report for the period 1 July 2002 to 30 September 2002.

Headlines

Bank deposits rose during the quarter to £136 billion

42 new Collective Investment Funds have been authorised during this quarter

Company Incorporations

The total number of incorporations for this quarter of 2002, were 623, which shows an increase of 2% over the same period last year.

The number of 'fast track' incorporations for this quarter was 262 and the number of normal company incorporations for this quarter was 361. (See Notes to Editors.)

Over the year as a whole so far, the Registry recorded an 85.2% rate against their self-imposed target of 95%. (See Notes to Editors.)

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 NINE MONTHS OF THE PAST FOUR YEARS

Funds

As of the 30 September 2002 the value of funds in the Island stood at £97 billion. This is a decrease of 8.7% since the last quarter. This decrease could be attributed to the drop in the value of the underlying portfolios caused by the poor performance of the stock markets. Compared with the same quarter last year, the values of funds have increased by 2.2% (See Appendix A).

The number of funds for this quarter has increased from 368 to 403. Sub-funds have increased to 1,762 since the last quarter.

42 new Collective Investment Funds have been authorised during this quarter.

COLLECTIVE INVESTMENT FUNDS (£ MILLION)
AS AT 30 SEPTEMBER FOR EACH OF THE PAST FOUR YEARS

Bank Deposits

Jersey bank deposits have increased to £136 billion. This is an increase of 3.1% against the last quarter, but an increase of 5.7% against the same quarter last year (see Appendix B).

The number of banking licences has remained at 62 since the last quarter.

BANK DEPOSITS (£ MILLION)
AS AT 30 SEPTEMBER FOR EACH OF THE PAST FOUR YEARS

Investment Business

The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stood at £29 billion. When compared to the same quarter last year, this shows a decrease of 7.2%. However, against the last quarter this represents a 0.6% decrease.

As at 30 September 2002 the total number of clients of investment managers was 22,851.


Insurance Business

There were no new Category A or Category B Insurance permits in the third quarter of the year but there were four Category A Insurance permits cancelled. Of these companies, one has closed to new business, one has cancelled because they do not consider that they obtain enough business, and two have cancelled because of mergers and acquisition in the industry.

On 30 September 2002, there were 156 Category A permits in issue and 19 Category B permits.

Fig 2

ALL INSURANCE LICENCES ASAT 30 SEPTEMBER FOR EACH
OF THE PAST FOUR YEARS

Conclusion

Richard Pratt, Director General of the Commission, commenting on the quarterly statistics said today, "Jersey continued to show its strength as a leading international finance centre with the increase in bank deposits and the highest ever number of funds. The value of the funds has held up well against the current volatility in the world markets.

I welcome further evidence that Jersey continues to strengthen its position in global financial markets."

Appendix A

Annual growth in Collective Investment Funds to date. £ Millions

DATE TOTAL VALUE
£ MILLIONS
NUMBER OF FUNDS TOTAL NO.
OF SEPARATE POOLS
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
30 Jun 2002 106,228.4 368 1528
30 Sep 2002 96,912.6 403 1762

 

Appendix B

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

DATE NO OF BANKS STERLING CURRENCY TOTAL
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
30 Jun 2002 62 43,136 89,307 132,443
30 Sep 2002 62 44,204 93,662 136,482,715

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
833
623
 

Appendix D

ALL INSURANCE LICENCES ISSUED TO 30 SEPTEMBER 2002
30 September 99
174
30 September 00
183
30 September 01
167
30 September 02
175

For further information:

Richard Pratt
Director General
Jersey Financial Services Commission

Telephone: +44(0) 1534 822011
Facsimile: +44(0) 1534 822001
Email: r.pratt@jerseyfsc.org

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