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Press Release - 20 February 2003

The Jersey Financial Services Commission has today 20 February 2003 issued its quarterly report for the period 1 October 2002 to 31 December 2002.

Headlines:

  • Bank deposits rose during the quarter by 2.1% to £139 billion.
  • Collective Investment Funds values rose by 8.5%.
  • 46 new Collective Investment Funds have been authorised during this quarter.


Bank Deposits

Jersey bank deposits have increased to £139 billion. This is an increase of 2.1% against the last quarter and of 5.4% against the same quarter last year (see Appendix B).

The number of banking licences reduced to 59. Three banks withdrew from Jersey due to the reorganisation of their group structures.

Figure 1

BANK DEPOSITS
(£ MILLION)AS AT 31 DECEMBER FOR EACH OF THE PAST FOUR YEARS


Funds

As of the 31 December 2002 the value of funds in the Island stood at £105 billion. This is an increase of 8.5% since the last quarter. This increase could be attributed to the rise in the value of the underlying portfolios due to the better performance of the stock markets. Compared with the same quarter last year, the values of funds have also increased by 1.7% (See Appendix A).

The number of funds for this quarter has increased from 403 to 449. Sub-funds have increased to 1,856 since the last quarter.

46 new Collective Investment Funds have been authorised during this quarter.

Figure 2

COLLECTIVE INVESTMENT FUNDS
(£ MILLION) AS AT 31 DECEMBER FOR EACH OF THE PAST FOUR YEARS


Company Incorporations

The total number of incorporations for this quarter was 484, which shows a decrease of 63.3% over the same period last year. However, the total number of incorporations for the entire year was 2,829, which represents a 2.5% increase on last year's total.

The number of 'fast track' incorporations for this quarter was 191 and the number of normal company incorporations for this quarter was 293. (See Notes to Editors.)

Against their self-imposed target of 95%, Registry recorded a 95% rate for normal two-day incorporations and an 86.6% rate for fast track companies for the year as a whole. (See Notes to Editors.)

The following tables (Figure 3 & Appendix C.) illustrate the number of new company incorporations throughout the past four years.

Figure 3

TOTAL NEW COMPANY INCORPORATIONS DURING THE YEAR FOR THE PAST FOUR YEARS

Investment Business

The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stood at £32 billion. When compared to the same quarter last year, this shows a decrease of 9.2%. However, against the last quarter this represents a 9.1% increase.

As at 31 December 2002 the total number of clients of investment managers was 23,063.


Insurance Business

There were no new Category A or Category B Insurance permits in the final quarter of the year and no permits were cancelled.

On 31 December 2002, there were 156 Category A permits in issue and 19 Category B permits.

Figure 4

ALL INSURANCE LICENCES ASAT 31 DECEMBER FOR EACH OF THE PAST FOUR YEARS

 

Conclusion

Richard Pratt, Director General of the Commission, commenting on the quarterly statistics said today, "These results are encouraging against a background of weak world financial markets. While there is no doubt that financial businesses are feeling the effects of those weak markets, Jersey continues to demonstrate that there is good business for a well regulated jurisdiction."

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