Following the release on Monday of the Jersey Financial Services Commission's Quarterly Report, it has emerged that the various sectors of the financial services industry on the Island showed steady growth in the period between 1 April and 30 June 2004.
The key findings of the report were that banking deposits increased during the quarter by 1.25% to £157.6 billion, the total value of funds under management increased by 2.2% to £36.6 billion, and as at the end of June, the value of collective investment funds managed in the island stood at £98.2 billion.
The FSC additionally revealed that the number of banking licences remained constant at 51, and that the total number of incorporations during the quarter to 30 June was 584, up 32% on the same quarter in 2003.
The Commission explained that the increase in companies deciding to incorporate on the Island was likely to be due to changes in UK legislation regarding stamp duty set to come into force later this year, and to the improving global economy.
Welcoming the results, director general of the Jersey Financial Services Commission, David Carse observed that:
"Business volumes in the various sectors continued to hold up well in the June quarter."
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