This success was despite a GBP7bn dip in deposits during the final quarter as a result of two banks re-structuring their branch operations.

In an encouraging trend, Jersey also welcomed a number of new providers to the Island in 2007, through the issuing of two new banking licences, the arrival of a number of new fund administrators and new entrants in the asset management sector.

The headline figures from the statistics for the twelve month period ending December 2007 are as follows:

• During 2007 bank deposits grew by GBP22.6bn to GBP212.3bn. This represented growth of 11.9% in bank deposits for the twelve months under review. This included the issuance of two new banking licences to EFG Private Bank and Investec Bank (Channel Islands). During the last quarter there was a dip in deposits due to the movement of funds out of two island banks, this is considered to be a temporary fall.
• The Net Asset Value (NAV) of funds under administration in Jersey grew by GBP67.0bn in the year 2007 to reach GBP246.1bn. During 2007 the NAV of funds under administration rose by 37.4%. During the period a number of new Fund administrators were authorised in the Island including Saltgate Limited, Nordic Capital Limited, Rathbone Fund Services Jersey Limited, Horizon Trustees (Jersey) Limited, Pentera Trust Company Limited, Walbrook Fund Managers (Jersey) Limited and Investec Trust (Jersey ) Limited.
• The NAV of Expert Funds grew by GBP28.7 billion during 2007 representing a 97.5% increase over the year. The number of Expert Funds increased by 109 to 383 during the year, an increase of 39.7%.
• The total value of funds under Investment Management increased by GBP16.7bn to GBP78.8bn during the year, representing an increase of 26.8%. This was assisted by a number of new entrants including Savills Private Finance, EFG Offshore Limited, Abbey National Financial & Investment Services Ltd, Ermitage Asset Management, Heritage Insurance Ltd, Redwood Group Investment Management Limited and DPZ Capital Limited.

Geoff Cook, Chief Executive of Jersey Finance Limited, announced that:

"Whilst 2007 was an excellent year for growth across all sectors, we are particularly pleased with the continued growth in new entrants to the Island, which illustrates the attractiveness of doing business in Jersey."

He continued:

"We have every confidence in the year 2008, particularly in the area of funds where only recently we have introduced the Unregulated Fund Regime, a significant development for Jersey’s Fund Industry. This innovative product offered to sophisticated and high net worth investors widens the spectrum of regulatory fund offerings."

"In addition, recent changes to Jersey’s company law will further increase the attractiveness of incorporating in Jersey. New benefits include the removal of the financial assistance provisions, the introduction of corporate directors and treasury shares and the simplification of capital reduction.

"A number of new vehicles are currently in the pipeline, which we believe demonstrates Jersey’s commitment to product development and the evolution of our long established finance industry. When these future enhancements are combined with recent developments, it underlines that Jersey is very much open for business and determined to continue last year’s success story."