Press Release - 30 November 2001
Jersey Financial Services Commission Quarterly Report
The Jersey Financial Services Commission has today (30 November 2001) issued a quarterly report for the period 1 July 2001 to 30 September 2001.
As of the 30 September 2001 the value of funds stands at £95 billion. This is a decrease of 11.57% since the last quarter. ( See Appendix A ) The drop appears to be almost exclusively down to a drop in the value of the underlying portfolios of funds. This can in the main part be attributed to the effect of the atrocities in the US on September 11th. Compared with the same quarter last year, however, the value of funds have increased by 5.5%.
The number of funds for this quarter have fallen from 302 to 296. However, sub funds have continued to rise to 1692.
Jersey bank deposits have risen to £129 billion. This is a rise of 9.3% against the same quarter last year. ( See Appendix B )
The number of banking licences has remained constant with the first two quarters of 2001 at 70.
The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stands at £32 billion. When compared to the same quarter last year, this shows a decrease of 3.29%. This can mainly be attributed to the effect of the atrocities in the US on September 11th.
As at 30 September 2001, the total number of clients of investment managers was 22,649.
The total incorporations for the third quarter of 2001 is 611, which shows a decrease of 11.6% over the same period last year.
The number of fast track companies for this quarter is 228 and the number of normal company incorporations for this quarter is 383. (See Notes to Editors)
The Registry continued their success in minimising delays in their area and have recorded a 97.3% 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.
The Insurance area report the addition of 4 new Category A and 1 new Category B permits for the third quarter of the year.
The annual permit renewal exercise for the year has been virtually completed. Because of mergers and acquisitions in the industry, fourteen Category A permits and two Category B permits have not been renewed.
At this time, there are 150 Category A permits in issue and seventeen Category B permits.
The table at Appendix D shows the steady growth in insurance in the first nine months of the past four years.
All Insurance Licences
The number of security issues by Special Purpose Vehicles (SPVs) authorised during this quarter is 47.
The table at Appendix E shows the movement in the number of SPVs approved in the first nine months of the past four years as of 30 September 2001.
SPVs as at 30 September 2001
Issues & Warrants
Richard Pratt, Director General of the Commission commenting on the quarterly statistics said today, "It was to be expected that the slowdown in the World economy and the effects of the terrible events in the US on September 11th would have an impact on the flow of business to Jersey. Jersey's robust response to the events of September 11th and its manifest willingness to co-operate with others in tracing terrorist funds, has demonstrated that it retains a high reputation. This is the essential foundation for the future."
Annual growth in Collective Investment Funds to date. £ Millions
Annual growth in Banks and Bank Deposits to date. £ Millions