Increase in bank deposits and fund values paints “upbeat picture”

Wednesday 08 June 2016

The value of banking deposits and regulated funds held in Jersey has risen over the last three months, according to the latest figures from Jersey Finance.

The quarterly report of the marketing body for the financial services sector shows that banking deposits rose £1.9 billion from January to March, and that the net asset value of regulated funds rose £2.6 billion.

Richard Corrigan, the Deputy Chief Executive of Jersey Finance, has welcomed the figures – which he said presented an upbeat picture of the state of the industry.

He said: “It is encouraging to see that the funds sector remains buoyant with a further steady increase in both the number of regulated funds and the value of funds under administration, which at £228.4bn is the second highest since March 2009. Alongside, the corporate sector is healthy, particularly in respect of the number of ‘live’ companies which now stands at 33,335, nearly 500 more than at the same point in 2015.

“Overall, the figures paint an upbeat picture and sit well with our ongoing compliance with the highest global standards, which helps distinguish us from other centres. With our status having been further reinforced only last month by the publication of the MONEYVAL report, in which Jersey was ranked at the very top of the table for its regulatory regime, we are well positioned for the future.”