The figures for the third quarter of 2006 are compiled by the Island’s regulator, the Jersey Financial Services Commission. They also show that, whilst the number of banking licences dropped by one during the quarter, following the surrendering of a deposit taking licence by BBVA Privanza (Jersey) Limited, there was still an increase in bank deposits to GBP187.6 billion. This is a renewed upturn following a decrease in the level of bank deposits in the previous quarter.

During the third quarter:

• The Net Asset Value (NAV) of funds under administration in Jersey grew by GBP10.1 billion to GBP169.8 billion.
• The number of Expert Funds established in Jersey increased from 214 to 235. The total NAV of Expert Funds grew by GBP3.7 billion to GBP25.3 billion.
• The overall total of bank deposits increased by GBP3.9 billion to GBP187.6 billion.
• The total value of funds under investment management decreased by GBP0.9 billion to GBP58.2 billion.
• The number of live companies on the register as at 30th June 2006 stood at 31,996, and a total of 774 new companies were incorporated during the third quarter of 2006.

Beverley Le Cuirot, Director of Marketing, Jersey Finance Limited, commented:

“The latest figures are encouraging especially at a time of intense competition within all sectors of the Finance Industry."

“The figures for the funds sector show another strong quarter for Specialist Funds administered in Jersey. With the Net Asset Value of Specialist Funds such as Private Equity, Property and Hedge Funds approaching GBP82 billion and with the number of Expert Funds authorised in Jersey increasing by a further 21 this quarter to 235, Jersey continues to establish itself successfully as a leading European jurisdiction for this type of specialist funds work."

“Whilst the number of banking licences reduced by one during the period, the Banking Sector reported a healthy increase of GBP3.9 billion to GBP187.6 billion in banking deposits during the quarter, a positive sign after the fall recorded in the previous quarter.”