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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.

Headlines

Company incorporations in the quarter are 22% up on the same period in 2001.

The value of funds and bank deposits have remained broadly steady in difficult world markets.

Company Incorporations

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.

Fig 1

TOTAL NEW COMPANY INCORPORATIONS IN THE FIRST
SIX MONTHS OF THE PAST FOUR YEARS

Funds

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
IN THE FIRST SIX MONTHS OF THE PAST FOUR YEARS

Bank Deposits

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
OF THE PAST FOUR YEARS

Investment Business

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.


Insurance Business

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.

Fig 2

ALL INSURANCE LICENCES IN THE FIRST SIX MONTHS
OF THE PAST FOUR YEARS

Conclusion

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."

Appendix A

Annual growth in Collective Investment Funds to date. £ Millions

DATE TOTAL VALUE
£ MILLIONS
NUMBER OF FUNDS TOTAL NO.
OF SEPARATE POOLS
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
30 Jun 2002 106,228.4 368 1528

 

Appendix B

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

DATE NO OF BANKS STERLING CURRENCY TOTAL
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
30 Jun 2002 62 43,136 89,307 132,443

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
833
   

Appendix D

ALL INSURANCE LICENCES ISSUED TO 30 JUNE 2002
30 June 99
173
30 June 00
189
30 June 01
186
30 June 02
179

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