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Press Release - 30 August 2001

Jersey Financial Services Commission Quarterly Report

The Jersey Financial Services Commission has today (30 August 2001) issued a quarterly report for the period 1 April 2001 to 30 June 2001.

Headlines

The value of funds continues to rise and now stands at £106 billion. This is the first time that the value of funds has ever risen above £100billion.

Bank deposits rose during the quarter to £126 billion

Assets under management rose to £36 billion

Funds

As of the 30 June 2001 the value of funds stands at £106 billion. This is an increase of 21.23% over the same quarter last year, and the first time the figure has exceeded £100 billion. ( See Appendix A )

The number of funds for this quarter have fallen from 313 to 302. However, sub funds have continued to rise to 1575.

Bank Deposits

Jersey bank deposits have risen to £126 billion. This is a rise of 9.2% against the same quarter last year. ( See Appendix B )

The number of banking licences has remained consistent with the first quarter of 2001 at 70.

Investment Business

The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stands at £36 billion. When compared to the same quarter last year, this shows an increase of 8.6%.

As at 30 June 2001, the total number of clients of investment managers was 22,049.


Company Incorporations

The total incorporations for the second quarter of 2001 is 679, which shows a decrease of 6.6% over the same period last year. The total for each quarter has now been remarkably stable over the past year.

The number of fast track companies for the first quarter is 188 and the number of normal company incorporations for the first quarter is 491. (See Notes to Editors)

The Registry continued their excellent success in minimising delays in their area and have recorded a 97.6% 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 30 June 2001


Insurance Business
The Insurance area report the addition of 2 new Category A and 1 new Category B permits for the second quarter of the year.

One category A permit has been cancelled, and two have been surrendered following the completion of their acquisition by another company.

One captive insurance company has closed and transferred its assets and liabilities to Bermuda, due to an acquisition.

The table at Appendix D shows the steady growth in insurance in the first six months of the past four years.

Fig 2

All Insurance Licences
as at 30 June 2001


Other news

The number of security issues by Special Purpose Vehicles (SPVs) authorised during this quarter is 66.

The table at Appendix E shows the movement in the number of SPVs approved in the first six months of the past four years as of 30 June 2001.

One issuer has temporarily suspended new issues pending a review of their internal systems and this has resulted in a reduction in the quarterly figures.

Fig 3

SPVs as at 30 June 2001



Conclusion

Richard Pratt, Director General of the Commission commenting on the quarterly statistics said today, "It is encouraging that funds and bank deposits continue to rise in difficult world economic conditions. It is likely that these conditions will continue to affect business growth but these results show that Jersey is still experiencing a healthy influx of business."

 

Appendix A

Annual growth in Collective Investment Funds to date. £ Millions

DATE TOTAL VALUE £ MILLIONS NUMBER OF FUNDS TOTAL NO.
OF SEPARATE POOLS
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
31 Mar 2001 94,758.3 313 1438
30 Jun 2001 105,612.6 302 1575

 

Appendix B

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

DATE NO OF BANKS STERLING CURRENCY TOTAL
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
31 Mar 2001 70 41, 227 80,949 122,176
30 Jun 2001 70 42,377 83,520 125,897

 

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
679
   

 

Appendix D

ALL INSURANCE LICENCES
ISSUED TO 3O JUNE 2001
31 Dec 1998
157
31 Dec 1999
173
31 Dec 2000
189
31 Dec 2001
186

 

Appendix E

SECURITY ISSUES AUTHORISED
ISSUED TO 3O JUNE 2001
31 Dec 1998
123
31 Dec 1999
238
31 Dec 2000
280
31 Dec 2001
202

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