Jersey’s financial regulator last week announced in its quarterly report that both bank deposits and collective investment funds under management in the jurisdiction increased during the first three months of 2004.
According to the data collated by the Financial Services Commission and released last Thursday, bank deposits grew by 4.3%, or £6.4 billion, in the first quarter to a total of £155.7 billion, which the FSC notes happened in spite of a rise in the value of sterling relative to other currencies.
Of these bank deposits, some 68% are held in currencies other than sterling, and there was an increase in the underlying value of US dollar balances by 5.4% in dollar terms, and an increase in the underlying value of euro balances of 15.6% in euro terms.
However, the number of banking licences in issue dropped to 51, largely reflecting changes in the group structure of some banks.
The total value of funds fell by £3.0 billion during the quarter to £95.7 billion. Whilst collective investment funds increased by £4.1 billion, there was a fall of £7.1 billion in COBO funds (private schemes administered in the Island, which, although not requiring a permit under the Law, require consent under the Order).
Meanwhile, the total number of incorporations during the last quarter was 593, an increase of 11% compared to the corresponding period of last year, and continuing the trend from the last quarter of 2003.
The FSC attributed the increase mainly to changes in UK legislation relating to stamp duty which will come into force later in the year, although it also cited the improving global economy as a factor.
The number of ‘fast track’ incorporations for the quarter was 255 and the number of normal company incorporations was 338. Normal company incorporations are completed within two working days whilst fast track incorporations are completed within two hours.
Total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stood at £35.8 billion as at 31 March 2004, an increase of 29% over the same quarter of 2003. Against the last quarter of 2003 this represented an increase of 15%.
“Most areas of financial services business continued to expand during the first quarter of 2004, with encouraging growth in deposits, collective investment funds, company incorporations and funds under management”, observed David Carse, Director General of the Commission.
The full text of the Jersey FSC Q1 Quarterly Report can be found in the Tax-News Resources section.
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