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.
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
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
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.
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.
TOTAL NEW COMPANY INCORPORATIONS IN THE FIRST QUARTER OVER THE PAST FOUR YEARS
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.
ALL INSURANCE LICENCES AS AT
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."
Annual growth in Collective Investment Funds to date. £ Millions
Annual growth in Banks and Bank Deposits to date. £ Millions