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Jersey FSC Reports Modest Growth For Q3

by Carla Johnson, Investors

06 December 2001

The Jersey Financial Services Commission has released its quarterly report for the period 1 July 2001 to 30 September 2001 which has shown that, compared with 30 September 2000, fund assets have increased by 5.5 per cent and bank deposits rose during the quarter to £129 billion - an increase of 9.3 per cent on the same period of last year.

In a press release from the FSC, the Commission said that the value of funds in Jersey stood at £95 million as of 30 September, 2001. This, according to the Commission, is a decrease of 11.57 per cent since the last quarter and there is a clear correlation between this decline and the decline in the value of the underlying portfolios of funds.

This is largely attributable to the effect of the terrorist attacks in the US on September 11th. The number of funds for this quarter has fallen from 302 to 296, but sub funds have continued to rise, to 1,692.

The number of banking licences has remained constant with the first two quarters of 2001 at 70.

The figure for total funds under investment management stands at £32 billion which is a decrease of 3.29 per cent compared to the same quarter last year, and again this is attributed to the September 11 atrocities.

In his conclusion on the quarter's statistics, Director General of the Commission Richard Pratt said: 'It was to be expected that the slowdown in the World economy and the effects of the terrible events in the US on September 11th would have an impact on the flow of business to Jersey.'

He added: 'Jersey's robust response to the events of September 11th and its manifest willingness to co-operate with others in tracing terrorist funds, has demonstrated that it retains a high reputation. This is the essential foundation for the future.'

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