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Press Release - 29 May 2002

Jersey Financial Services Commission Quarterly Report

The Jersey Financial Services Commission has today (29th May 2002) issued a quarterly report for the period 1st January 2002 to 31st March 2002.

Headlines

The value of funds has risen to £107 billion.

Bank deposits rose during the quarter to £135 billion.

Funds

As of the 31st March 2002 the value of funds in the Island stood at £107 billion. This is an increase of 3.4% since the last quarter. ( See Appendix A ) Compared with the same quarter last year, the value of funds have increased by 12.8%.

The number of funds for this quarter has increased from 327 to 353. Sub funds are at 1503, an increase on the figure for 31st March 2001.

COLLECTIVE INVESTMENT FUNDS
(£ MILLION) IN THE FIRST QUARTER OVER THE PAST FOUR YEARS

Bank Deposits

Jersey bank deposits have risen to £135 billion. This is a rise of 10.5% against the same quarter last year. ( See Appendix B ) It represents an increase of 2.2% against the last quarter.

The number of banking licences has decreased from 64 in the last quarter of 2001 to 61. This can mainly be attributed to further restructuring and mergers.

BANK DEPOSITS (£ MILLION) IN THE FIRST QUARTER OVER THE PAST FOUR YEARS

Investment Business

The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stood at £ 31 billion. When compared to the same quarter last year, this shows a decrease of 14.1%. However, against the last quarter represents a 2.3% decrease. These changes reflect movement in world markets.

As at 31st March 2002 the total number of clients of investment managers was 23,314.

Company Incorporations

The total incorporations for the first quarter of 2002 was 889, which shows an increase of 15.1% over the same period last year.

The number of fast track companies for this quarter was 279 and the number of normal company incorporations for this quarter was 610. (See Notes to Editors)

The Registry recorded a 90.1% rate against their self-imposed targets of 95%. The target was not met due to significant large volumes of companies incorporated on two days in January and February. February showed a 58% increase over the same period last year.

The following tables (Figs 1 & Appendix C.) illustrate the number of new company incorporations throughout the past four years.

Fig 1

TOTAL NEW COMPANY INCORPORATIONS IN THE FIRST QUARTER OVER THE PAST FOUR YEARS

Insurance Business

There were two new Category A and one new Category B Insurance permits for the first quarter of the year.

On 31st March 2002, there were 160 Category A permits in issue and 19 Category B permits.

Fig 2

ALL INSURANCE LICENCES AS AT
31 MARCH 2002

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 the recent uncertainty in world markets. It is also pleasing to see the continued rise in bank deposits."

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
31 Dec 2001 103,375.9 327 1591
31 Mar 2002 106,854.0 353 1503

 

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
31 Dec 2001 64 44,057 88,116 132,173
31 Mar 2002 61 43,324 91,716 135,041

Appendix C

QUARTERLY COMPANY INCORPORATIONS
  31 March
30 June
30 September
31 December
1999
645
625
720
709
2000
970
727
684
683
2001
680
679
611
790
2002
889
     

Appendix D

ALL INSURANCE LICENCES ISSUED TO 31 MARCH 2002
31 Mar 99
170
31 Mar 00
181
31 Mar 01
186
31 Mar 02
179

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