|
Jersey Financial Services Commission Quarterly
Report
| Contact |
Louise Bowden, Marketing
Assistant - louise.bowden@db.com |
| Source |
Extract from Jersey
Financial Services Commission Press Release |
| Location |
Jersey |
| Date |
27 September 2004 |
The Jersey Financial Services Commission has today 27 September
2004 issued its quarterly report for the period 1 April 2004 to
30 June 2004.
Headlines:
- Bank deposits increased by 1.25% during the quarter to £157.6
billion.
- The total value of funds under management (Class B of the Financial
Services (Jersey) Law 1998) increased by 2.2% during the quarter
to £36.6 billion.
- The value of collective investment funds managed in the Island
stood at £98.2 billion as at 30 June 2004.
Bank Deposits
Jersey bank deposits increased by 1.25% (£1.94 billion) during
the quarter.
31.7% of bank deposits are held in sterling and 68.3% are held
in currencies other than sterling.
The number of banking licences remained constant at 51.
Company incorporations
The total number of incorporations during the June quarter was 584,
an increase of 32% over the corresponding quarter in 2003. This
continued the trend seen in the previous two quarters. The increase
was primarily due to changes in UK legislation relating to stamp
duty which will come into force later in the year, and the improving
global economy.
The number of 'fast track' incorporations for the quarter was 241
and the number of normal company incorporations was 343.
For the first six months of 2004, against their self-imposed target
of 95%, the Registry recorded a 99.9% rate for normal two-day incorporations
and a 99.6% rate for fast track incorporations.
Investment Business
Total funds under management (Class B of the Financial Services
(Jersey) Law 1998) stood at £36.6 billion as at 30 June 2004,
an increase of 27.5% over the same quarter of 2003.
As at 30 June 2004, the total number of clients of investment managers
was 20,188.
Conclusion
David Carse, Director General of the Commission, commenting on the
quarterly statistics said today, "Business volumes in the
various sectors continued to hold up well in the June quarter".
To read the press release in full, please visit the press section
of www.jerseyfsc.org
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