Press Release - 12 September 2002
Jersey Financial Services Commission Quarterly Report
The Jersey Financial Services Commission has today (12th September 2002) issued a quarterly report for the period 1 April 2002 to 30 June 2002.
The total incorporations for this quarter of 2002 was 833, which shows an increase of 22% over the same period last year.
The number of 'fast track' incorporations for this quarter was 379 and the number of normal company incorporations for this quarter was 454. (See Notes to Editors.)
The Registry recorded a 95.5% rate against their self-imposed target of 95%. (See Notes to Editors.)
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
As of the 30 June 2002 the value of funds in the Island stood at £106 billion. This is a decrease of 0.6% since the last quarter. This decrease could be attributed to the value of the underlying portfolios. Compared with the same quarter last year, the value of funds have increased by 0.6% ( See Appendix A ).
The number of funds for this quarter have increased from 353 to 368. Sub-funds have increased to 1,528 since the last quarter.
COLLECTIVE INVESTMENT FUNDS
Jersey bank deposits have dropped to £132 billion. This is a decrease of 1.9% against the last quarter, but an increase of 5% against the same quarter last year. This drop could be due to a possible weakness in the pound (see Appendix B ).
The number of banking licences has increased from 61 to 62 since the last quarter.
BANK DEPOSITS IN THE FIRST SIX MONTHS
The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stood at £30 billion. When compared to the same quarter last year, this shows a decrease of 17.3%. However, against the last quarter represents a 5.7% decrease.
As at 30 June 2002 the total number of clients of investment managers was 22,863.
There were no new Category A or Category B Insurance permits in the second quarter of the year.
On 30 June 2002, there were 160 Category A permits in issue and 19 Category B permits.
ALL INSURANCE LICENCES IN THE FIRST SIX MONTHS
Richard Pratt, Director General of the Commission, commenting on the quarterly statistics said today, "Jersey showed its strength as a leading international finance centre with new monies invested or deposited broadly compensating for volatility in world markets in the second quarter of the year. The significant increase in the number of company incorporations was also a clear endorsement of Jersey's position.
I welcome this evidence that Jersey continues to strengthen its position in global financial markets while ensuring its place in the international financial community with stringent safeguards against financial crime."
Annual growth in Collective Investment Funds to date. £ Millions
Annual growth in Banks and Bank Deposits to date. £ Millions