The latest figures on Jersey’s finance industry confirm an anticipated fall in the size of its banking and funds sectors, although Jersey Finance Chief Executive, Geoff Cook, believes there are grounds for cautious optimism about the business outlook generally.
The statistics for the first quarter of 2009 ending March 31, collated and prepared by the Jersey Financial Services Commission, show that banking deposits have decreased by GBP10.1bn and the net asset value of funds by GBP30.9bn. However, the industry believes that banking deposits have held up well considering current trends and, although the value of the funds business also declined overall, the total number of funds still showed an increase.
The headline figures from the statistics are as follows:
Geoff Cook commented:
“The reduction in bank deposits caused by the slowdown in global financial markets was predicted in our year end assessment, but was previously masked by the effect of currency movements in the last quarter of 2008.”
“Bank deposits held up well, given the general trend around the world to pay down debt and unwind positions, strongly supported by a complete absence of any banking stability issues. The announcement regarding the introduction of a Depositor Compensation scheme has further bolstered Jersey’s appeal as a leading international banking centre.”
Cook continued:
“With main markets falling between 30% and 40% over comparable periods, Jersey funds have shown considerable resilience to the shocks in the global financial system. Given that increasing numbers of expert commentators are indicating early signs of stabilisation in the global economy, there does, finally, appear to be some ground for cautious optimism about the outlook for business. In this respect it was encouraging to see that a further 43 new funds were opened in Jersey in the twelve months to March 31, 2009.”
“The live companies on the register reflect the global pattern of reduced company formation and listings activity, although again some positive signs were seen on the AIM market and The Channel Islands Stock Exchange with the successful flotation of Max Property, utilising a closed ended Jersey Company as the listing vehicle; the first significant flotation for many months.”
“The inclusion of Jersey on the G20 ‘white list’ has resulted in an increased number of new business enquiries in the second quarter as clients have increasingly recognised the value of placing business in a cooperative, transparent and well regulated centre, approved by the world’s leading nations,” concluded Cook.
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