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Press Release - 28 February 2001

Jersey Financial Services Commission Quarterly Report

The Jersey Financial Services Commission has today (28 February 2001) issued a quarterly report for the period 1 October 2000 to 31 December 2000.

Headlines:

The value of funds has risen to £90.9 billion

Bank deposits rose during the quarter to £117 billion

Company Incorporations show a 13% increase over 1999


Funds

As of the 31 Dec 2000 the value of funds stands at £90.9 billion. When compared to the same quarter last year we see an increase of 26.9%. ( See Appendix A )

The large majority of this increase is attributable to new money from investors. This must be encouraging for the funds industry generally and is a vote of confidence by investors in the industry and Jersey itself.

The number of funds for the year have fallen by 3 to 321. However, sub funds have reached a new record high of 1,423

Bank Deposits

Jersey bank deposits have risen to £117 billion. This is a rise of 8.1% against the same quarter last year. ( See Appendix B )

The number of banking licences has dropped from 77 to 74 since the same quarter last year.

Investment Business

The total funds under investment management (class B of the Investment Business Law ) stands at £33 billion. This figure has dropped since the last report largely due to one major institution having to re-allocate assets.

On 1 October 2000 the total number of customers of investment managers was 21,996. This figure stands at 21,798 on 31 December 2000.


Company Incorporations

The total incorporations for 2000 show a 13% increase over 1999 and stands at 3,064 for the year.

The number of fast track companies for the year was 1,122 and the number of normal company incorporations for the year was 1,942. (See Notes to Editors)

The Registry continued their excellent success in minimising delays in their area and have recorded a 99.2 % 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 31st DECEMBER

Insurance Business
The Insurance area report the addition of 5 new Category B permits for the year, with 2 being cancelled.

During the year, there have been 9 new Category A licences.

The table at Appendix D shows the steady growth in insurance over the past three years, as of 31 December 2000.

Fig 2

ALL INSURANCE LICENCES

Other news

The number of security issues by Special Purpose Vehicles (SPVs) authorised during the year was 630. This is compared with 403 for 1999.

The table at Appendix E shows the growth in the number of SPVs approved throughout the year 2000, compared with the previous three years.

Fig 3

SECURITY ISSUES AUTHORISED


Conclusion

Richard Pratt, Director General of the Commission commenting on the quarterly statistics said today, "These figures show that the Island continues to attract good quality business. There have been substantial regulatory changes and international attention on the Island. Nevertheless all the figures show encouraging movement in the right direction."

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 1997 33,288.0 332 1017
30 Jun 1997 35,200.3 324 1014
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

Appendix B

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

DATE NO OF BANKS STERLING CURRENCY TOTAL
31 Dec 1996 77 28,908 60,711 89,619
31 Mar 1997 78 29,856 61,126 90,982
30 Jun 1997 78 29,954 59,276 89,230
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

Appendix C

QUARTERLY COMPANY INCORPORATIONS
  31 March
30 June
30 September
31 December
1997
836
1083
764
673
1998
845
665
623
586
1999
645
625
720
709
2000
970
727
684
683

Appendix D

ALL INSURANCE LICENCES
31 Dec 1997
159
31 Dec 1998
184
31 Dec 1999
181
31 Dec 2000
182

Appendix E

SECURITY ISSUES AUTHORISED
31 Dec 1997
296
31 Dec 1998
291
31 Dec 1999
403
31 Dec 2000
630

For further information contact:

Richard Pratt
Director General

Tel: + 44 (0)1534 822011
Fax: + 44 (0)1534 822001
E-mail: r.pratt@jerseyfsc.org

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