Jersey Financial Services Commission Quarterly Report

The Jersey Financial Services Commission has today (04 June 2001) issued a quarterly report for the period 1 January 2001 to 31 March 2001.

The report highlighted another significant rise in the value of funds and bank deposits. The value of funds have risen to £94.8 billion, an increase of 17.33% against the same quarter last year and bank deposits have risen to £122 billion, a rise of 11.92% against the same quarter last year.

The number of banking licences dropped from 74 to 70 in the first quarter of the year, mainly due to four banks not renewing their licences, as a result of restructuring within groups.

The total funds under investment management (class B of the Investment Business Law) now stands at £31 billion. This figure has dropped since the last report due to market movement. However, when compared to the same quarter last year, there has been an increase of 29.17%. As at 31 March 2001, the total number of customers of investment managers was 21,075.

Additionally the number of security issues by Special Purpose Vehicles (SPVs) authorised during this quarter was 136.

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 uncertainty in world markets. It is also pleasing to see the continued rise in bank deposits. This must be encouraging for the industry generally and is a vote of confidence by investors in the industry and Jersey itself."

For a full version of this press release, please visit www.jerseyfsc.org