The Jersey Financial Services Commission has issued its April - June report showing an increase in bank deposits of 6.6% and an increase in funds under management of 8.4%.
Bank deposits increased by £ 10.8 billion (6.6%) during the quarter, and by £15.4 billion (9.7%) over the year to 30 June 2005. At the end of the quarter bank deposits stood at £173.0 billion. The number of banking licences at 30 June 2005 was 50.
The value of funds in the Island continued to grow in the quarter reaching a new record high of £112.6 billion. The value of collective investment funds managed in the Island increased by £8.7 billion (8.4%) during the quarter, and by £14.4 billion (14.6%) over the year to 30 June 2005. The total value of funds under management (Class B of the Financial Services (Jersey) Law 1998) increased by £ 0.4 billion (1.1%) during the quarter. The number of expert funds rose from 60 to 79 an increase of 31%. The NAV of expert funds rose to £9.2 billion, which is an increase of £4 billion over the previous quarter.
Company incorporations for the second quarter totalled 697, an increase of 89 (14.6%) over the quarter. Over the year to 30 June 2005, a total of 2554 companies were incorporated, an increase of 7.7% over the previous year. The number of ‘fast track’ incorporations for the quarter was 290 and the number of normal company incorporations was 407.
The total number of insurance licences at 30 June 2005 stood at 168, of which 156 were Category A and 12 Category B. The regulation of general insurance broking came into force on 21 January 2005. To date, the Commission has received 72 applications, of which 62 have been fully registered while the remaining 10 have transitional status while various outstanding issues are clarified.
David Carse, Director General of the Commission, commenting on the quarterly statistics said today, “The increase in business volumes across all sectors maintains the trend seen in the first quarter of the year, and reflects the continued confidence that clients and financial service businesses have in Jersey.”
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