Jersey Financial Services Commission Logo

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.

Headlines:

The value of funds has risen to £94.8 billion

Bank deposits rose during the quarter to £122 billion

Funds

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.

Bank Deposits

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.

Investment Business

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.

Company Incorporations

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.

Fig 1

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.

Fig 2

ALL INSURANCE LICENCES AS AT 31 MARCH 2001

Other news

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.

Fig 3

Appendix A

Annual growth in Collective Investment Funds to date. £ Millions

DATE TOTAL VALUE £ MILLIONS NUMBER OF FUNDS TOTAL NO.
OF SEPARATE POOLS
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
31 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

Appendix B

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

DATE NO OF BANKS STERLING CURRENCY TOTAL
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
31 Jun 2000 73 40,862 74,217 115,079
30 Sep 2000 73 38,933 77,001 115,934
31 Dec 2000 74 39,827 77,423 117,250
31 Mar 2001 70 41,227 80,949 122,176

Appendix C

QUARTERLY COMPANY INCORPORATIONS
  31 March
30 June
30 September
31 December
1998
845
665
623
586
1999
645
625
720
709
2000
970
727
684
683
2001
680
     

Appendix D

ALL INSURANCE LICENCES
31 March 1998
155
31 March 1999
170
31 March 2000
181
31 March 2001
186

Appendix E

SECURITY ISSUES AUTHORISED
31 March 1998
46
31 March 1999
109
31 March 2000
134
31 March 2001
136

Conclusion

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."

For further information contact:

Richard Pratt
Director General

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

Top

<< Back to contents

 

< Back to contents