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.

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%
The number of funds for this quarter have increased from 353 to 368. Sub-funds have increased to 1,528 since the last quarter.

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
The number of banking licences has increased from 61 to 62 since the last quarter.

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.

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."

To read the press release in full, please visit the press section of www.jerseyfsc.org