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| Jersey Announces Fall In Deposits |
by Jason Gorringe, Tax-News.com, London
Wednesday, March 03, 2010
The Jersey Financial Services Commission (FSC) has released statistics showing
that bank deposits and funds held in Jersey have fallen sharply, although Jersey
Finance, the island's promotional body for the finance industry, has stressed
that despite the negative figures, largely the result of the financial crisis,
there are signs that some confidence is returning to the market.
The statistics collated and prepared by the Jersey FSC for the period ending
December 31, 2009, show that bank deposits decreased by GBP40.9bn (-19.8%) over
the twelve-month period to GBP165.2bn, and by -2% compared to the figure for
September 30, 2009.
Specialist funds, including hedge, private equity and real estate funds, have
grown on the previous quarter by GBP2bn to now account for just over 70% of
the total value of funds under administration, showing early signs of recovery.
Whilst the net asset value of funds has decreased by 31% when compared to the
same period last year, the value is up slightly (1.9%) on the previous quarter
to now stand at GBP166.2bn. Although specific data relating to Unregulated Funds
is not currently available, a total of 61 such funds were established by the
end of 2009, an increase of 3.4% from the previous quarter.
The value of funds under investment management increased from GBP18.4bn to
GBP19.7bn (4.4%) during the year 2009.
The total number of live companies on the register decreased by 2,005 (-6%)
during 2009 from 33,395 to 31,390.
Geoff Cook, Chief Executive of Jersey Finance, commented:
“2009 has been an extremely challenging year for the financial services
industry worldwide and, inevitably, the effects of the economic downturn have
impacted Jersey. The decrease of almost 20% for Jersey’s banking deposits
during 2009 is hardly surprising given the very low level of interest rates
throughout the year. The funds sector has also experienced a challenging year,
with new deals in particular being less forthcoming given the uncertainty in
the markets globally.”
“Overall though, we must be confident that the statistics in their raw
form do not represent the whole picture. Funds values are beginning to show
signs of recovery and there has been a modest increase in assets under investment
management. Employment numbers in the finance sector continue to hold up well,
with only a 2% decrease in numbers shown by the manpower statistics, considerably
below that of our onshore colleagues. Whilst tough, 2009 gave rise to some excellent
accolades for Jersey, such as the IMF report, which can only boost future revenue
streams during 2010. It is therefore crucial that we continue to maintain momentum
and promote Jersey actively in key markets this year.”
A comprehensive report in our Intelligence Report series,
analysing the situation on the ground in each of the main offshore banking centres,
is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
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