A press release issued last week by the Jersey Financial Services Commission (FSC) showed a strong financial performance by the island's offshore sector in the second quarter of 2000. Most significantly the FSC's figures highlighted a tremendous growth in bank deposits between April 1 and June 30, as well as an increase in new company incorporations and a leap in the value of funds.
The figures released by the FSC have given rise once again to the air of competitiveness between Jersey and its Channel Island neighbour Guernsey. According to a report in the Jersey Evening Post, bank deposits in Jersey, which rose from £109.2 billion to £115.1 billion (a rise of 5.4 per cent against the same quarter last year), are almost double the amount in Guernsey, which saw an increase in deposits by just over £1.3 billion to £61 billion. Nevertheless, both islands have witnessed a pleasing increase, attributing it to favourable movements in the currency exchange rate.
If the figures are anything to go by, Jersey's finance industry is certainly prospering, with billions more money being managed and looked after. As at June 30 the value of funds stood at £87.1 billion, an increase of 52 per cent compared with the same quarter last year. The total funds under investment management show an increase of nearly 40 per cent against the same quarter last year and now stand at £33.4 billion. According to the FSC, this increase in assets under management can be attributed to both new business and capital growth. In terms of the number of customers of investment managers, there are now 20,598 compared to 16,737 on July 1 1999.
Jersey has also witnessed a significant increase in the number of new company incorporations, with the total for the quarter standing at 727, an increase of over 16 per cent against the same quarter last year. Around one third of these incorporations used Jersey's fast track method of incorporation.
Finally, the FSC's figures show that the number of security issues
by Special Purpose Vehicles (SPVs) authorised during the second
quarter was 280, representing an increase of nearly 18 per cent
on the same period last year.
Richard Pratt, Director General of the FSC, commented on the latest figures: 'The second quarter of the year has seen progress in most areas. The rise in the value of funds is notable and demonstrates the continuing strength of Jersey's reputation in this area. Another area of note is the rise in the SPV figure. Jersey was one of the first to enter this market and it is encouraging to see that our reputation and acknowledged expertise in this area ensures that the upward trend in securitisation and asset repackaging continues.'
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