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.
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.
TOTAL NEW COMPANY INCORPORATIONS IN THE
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)
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)
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.
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.
ALL INSURANCE LICENCES ASAT 30 SEPTEMBER FOR EACH
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."
Annual growth in Collective Investment Funds to date. £ Millions
Annual growth in Banks and Bank Deposits to date. £ Millions
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