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.
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
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.
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.
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.
COMPANY INCORPORATIONS AS AT 31st DECEMBER
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.
ALL INSURANCE LICENCES
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.
SECURITY ISSUES AUTHORISED
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."
Annual growth in Collective Investment Funds to date. £ Millions
Annual growth in Banks and Bank Deposits to date. £ Millions
For further information contact:
Tel: + 44 (0)1534 822011