Jersey Financial Services Commission Quarterly Report

The Jersey Financial Services Commission has today (28 February 2001) issued a quarterly report for the period 1 October 2000 to 31 December 2000.

The report highlighted another significant rise in the value of funds which have now risen to £90.9 billion, a rise of 26.9% when compared to the same quarter last year.

Jersey bank deposits have also risen once again to £117 billion, a rise of 8.1% against the same quarter last year. The number of banking licences, however, has dropped from 77 to 74 since the same quarter last year.

Assets under management, as well as the number of customers of asset managers in the Island, fell slightly this quarter, however this was largely due to one major institution having to re-allocate assets.

The number of security issues by Special Purpose Vehicles (SPVs) authorised during the year was 630, a large increase on 1999’s total of 403. The number of security issues in 2000 was more than double that of 1998.

Richard Pratt, Director General of the Commission commenting on the quarterly statistics said today, "These figures show that the Island continues to attract good quality business. There have been substantial regulatory changes and international attention on the Island. Nevertheless all the figures show encouraging movement in the right direction."

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