Press Release - 4 June 2001
Jersey Financial Services Commission Quarterly Report
The Jersey Financial Services Commission has today (4 June 2001) issued a quarterly report for the period 1 January 2001 to 31 March 2001.
As of the 31 March 2001 the value of funds stands at £94.8 billion. When compared to the same quarter last year we see an increase of 17.33%. ( See Appendix A )
The number of funds for this quarter have fallen from 321 to 313. However, sub funds have continued to rise to 1,438.
Jersey bank deposits have risen to £122 billion. This is a rise of 11.92% against the same quarter last year. ( See Appendix B )
The number of banking licences has dropped from 74 to 70 in the first quarter of the year. This is mainly due to four banks not renewing their licences, due to restructuring within groups.
The total funds under investment management (class B of the Investment Business Law ) stands at £31 billion. This figure has dropped since the last report due to market movement. When compared to the same quarter last year, this shows an increase of 29.17%.
As at 31 March 2001, the total number of customers of investment managers was 21,075.
The total incorporations for the first quarter of 2001 is 680, which shows a decrease of 29.8% over the same period last year. A large part of this decrease arises because of an unusually large number of incorporations in March 2000.
The number of fast track companies for the first quarter is 227 and the number of normal company incorporations for the first quarter is 453. (See Notes to Editors)
The Registry continued their excellent success in minimising delays in their area and have recorded a 97.1% 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 31 MARCH 2001
The Insurance area report the addition of 2 new Category A and 2 new Category B permits for the first quarter of the year, with no cancellations.
The table at Appendix D shows the steady growth in insurance in the first three months of the past four years.
ALL INSURANCE LICENCES AS AT 31 MARCH 2001
The number of security issues by Special Purpose Vehicles (SPVs) authorised during this quarter is 136.
The table at Appendix E shows the movement in the number of SPVs approved in the first three months of the past four years as of 31 March 2001.
Annual growth in Collective Investment Funds to date. £ Millions
Annual growth in Banks and Bank Deposits to date. £ Millions
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 uncertainty in world markets. It is also pleasing to see the continued rise in bank deposits. This must be encouraging for the industry generally and is a vote of confidence by investors in the industry and Jersey itself."
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