Press Release - 6 March 2002
Jersey Financial Services Commission Quarterly Report
The Jersey Financial Services Commission has today (06 March 2002) issued a quarterly report for the period 1 October 2001 to 31 December 2001.
AAs of the 31 December 2001 the value of funds stood at £ 103 billion. This is an increase of 9.1% since the last quarter. ( See Appendix A ) Compared with the same quarter last year, the value of funds have increased by 13.8%. The increase has reversed much of the decline that took place in the third quarter of 2001, particularly after the events of September 11th.
The number of funds for this quarter have increased from 296 to 327. Sub funds are at 1591, an increase on the figure for 31 December 2000, but a small decline on the previous quarter.
Jersey bank deposits have risen to £132 billion. This is a rise of 12.7% against the same quarter last year. ( See Appendix B ) It represents an increase of 2.4% against the last quarter.
The number of banking licences has decreased from 70 in the first two quarters of 2001 to 64. This can mainly be attributed to restructuring and mergers.
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%. However, it represents an increase of 1.3% against the last quarter.
As at 31 December 2001, the total number of clients of investment managers was 23,063.
The total incorporations for the fourth quarter of 2001 is 790, which shows an increase of 15.7% over the same period last year.
The number of fast track companies for this quarter is 295 and the number of normal company incorporations for this quarter is 495. (See Notes to Editors)
The Registry continued their success in minimising delays in their area and have recorded a 96.9% rate against their self imposed targets. (See Notes to Editors)
The following tables (Figs 1 & Appendix C.) illustrates the number of new company incorporations throughout the past four years.
Total New Company Incorporations in the Twelve Months Over the Past Four Years
The Insurance area report the addition of 3 new Category A and 1 new Category B permits for the fourth quarter of the year.
The annual permit renewal exercise for the year has been virtually completed. Because of mergers and acquisitions in the industry, sixteen Category A permits and five Category B permits have not been renewed.
At this time, there are 158 Category A permits in issue and eighteen Category B permits.
All Insurance Licences
The number of security issues by Special Purpose Vehicles (SPVs) authorised during this quarter is 114.
The table at Appendix E shows the movement in the number of SPVs approved in the twelve months of the past four years as of 31 December 2001. Late returns have prompted a revise of the figures for September 2001 from 47 to 77.
SPVs as at 31 December 2001
Some issuers of SPVs are changing their practices - using covered warrants instead of securities issues. The following table shows that, taking securities issues and warrants, SPV activity continues to grow. The Commission is reviewing the data series with a view to improving its reliability.
Issues & Warrants
Commenting on the figures Richard Pratt, Director General said: "There clearly remains some continuing effect of the terrorist attacks in the US on September 11 last year and its effect on the markets. Nevertheless the continued steady inflow of investment through the Island remains highly encouraging."
Annual growth in Collective Investment Funds to date. £ Millions
Annual growth in Banks and Bank Deposits to date. £ Millions