JERSEY’S finance industry is booming, with bank deposits at an all time high and the value of the funds sector rocketing 30% in a year. The latest figures released by the Jersey Financial Services Commission (JFSC) show that the value of funds under administration reached nearly £180 billion at the end of last year while bank deposits reached an all time high of nearly £190 billion. Jersey Finance chief executive Geoff Cook said the figures confirmed that the industry was in good shape and there was ‘a tremendous sense of forward momentum’. He said States policies were also contributing to the growth. ‘There is no doubt that, in the current economic environment, there is an abundance of opportunity for Jersey’s financial services sector. With a supportive States economic and fiscal policy, Jersey is well placed to continue to excel,’ he said. When compared to a year ago, the figures show a general upswing in industry growth. lBank deposits during the year increased by 2.7% overall to £189.7 billion, the highest figure to date. lIn the final quarter of last year compared to the same period in 2005, bank deposits grew by £2.1 billion (1.1%) and represented an increase of £5.1 billion (2.7%) during the whole of 2006. lThe net asset value of funds under administration in Jersey grew by £9.3 billion (5.5%) during the quarter to reach £179.1 billion. lFunds under investment management during the year rose by 26.2% to more than £60 billion.
