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Jersey Releases End Of Year Banking Stats

by Jason Gorringe, Tax-News.com, London

06 March 2013


The Jersey banking sector has released its latest figures for the final quarter of 2012, suggesting its finance industry remains strong in terms of both bank deposits and funds under management.

Bank deposits increased by 2.3% to GBP152.1bn in the final quarter of 2012, with Sterling deposits representing 36.9% and other currency deposits representing 63.1% of the total amount. Meanwhile, the total net value of funds under administration stood at GBP192.8bn at the end of the year, up from GBP189.5bn in the previous three-month period.

The total number of regulated funds decreased by four to 1,388 in the fourth quarter, while the number of unregulated funds increased from 175 to 182. The value of funds under investment management increased from GBP20.9bn to GBP21.2bn and the number of live companies registered in the jurisdiction stood at 32,503 at the end of December 2012.

Responding to the figures, Geoff Cook, the CEO of Jersey Finance, commented: “Jersey has a robust long-term strategy in place to reinforce its strong position as a first choice center for deposits.”

He added: “The focus for 2013 and beyond continues to be on business development in our key markets with a very strong team in place and a healthy pipeline of new business reported.”

TAGS: Finance | investment | business | private equity | banking | hedge funds | Jersey | offshore | currency

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