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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.

Headlines

Compared with 30 September 2000, funds have increased by 5.5%

Bank deposits rose during the quarter to £129 billion - an increase of 9.3% on the same date last year

Funds

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.

Bank Deposits

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.

Investment Business

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.

Company Incorporations

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.

Fig 1

Company Incorporations
as at 30 September 2001


Insurance Business

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.

Fig 2

All Insurance Licences
as at 30 September 2001

Other news

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.

Fig 3

SPVs as at 30 September 2001

Issues & Warrants

2000

ISSUES WARRANTS TOTAL
March 147 19 166
June 183 30 213
September 163 50 213
2001 ISSUES WARRANTS TOTAL
March 139 24 163
June 63 109 172
September 47 185 232

Conclusion

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."

 

Appendix A

Annual growth in Collective Investment Funds to date. £ Millions

DATE TOTAL VALUE £ MILLIONS NUMBER OF FUNDS TOTAL NO.
OF SEPARATE POOLS
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
30 Sep 2001 94,823.8 296 1696

 

Appendix B

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

DATE NO OF BANKS STERLING CURRENCY TOTAL
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
30 Sep 2001 70 42,115 86,955 129,069

 

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
611
 

 

Appendix D

ALL INSURANCE LICENCES
ISSUED TO 3O JUNE 2001
30 Sep 98
160
30 Sep 99
174
30 Sep 00
183
30 Sep 01
167

 

Appendix E

SECURITY ISSUES AUTHORISED
ISSUED TO 3O JUNE 2001
30 Sep 98
205
30 Sep 99
297
30 Sep 00
494
30 Sep 01
249

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