Jersey Financial Services Commission Quarterly Report

The Jersey Financial Services Commission has today (29 May 2002) issued a quarterly report for the period 1 January 2002 to 31 March 2002.

- The value of funds has risen to £107 billion

- Bank deposits rose during the quarter to £135 billion

Funds
As of the 31 March 2002, the value of funds in the Island stood at £107 billion. This is an increase of 3.4% since the last quarter. (See Appendix A) Compared with the same quarter last year, the value of funds have increased by 12.8%.

The number of funds for this quarter has increased from 327 to 353. Sub funds are at 1503, an increase on the figure for 31 March 2001.

Bank Deposits
Jersey bank deposits have risen to £135 billion. This is a rise of 10.5% against the same quarter last year. (See Appendix B) It represents an increase of 2.2% against the last quarter.

The number of banking licences has decreased from 64 in the last quarter of 2001 to 61. This can mainly be attributed to further restructuring and mergers.

Investment Business
The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stood at £31 billion. When compared to the same quarter last year, this shows a decrease of 14.1%. However, against the last quarter represents a 2.3% decrease. These changes reflect movement in world markets. As at 31 March 2002 the total number of clients of investment managers was 23,314.

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