Finance business surge

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THE Island's financial services industry has reported a surge in business over the first three months of the year.

Quarterly statistics to the end of March show that both bank deposits and the value of funds administered in the Island increased over the quarter, which has been described by Jersey Finance as 'an upbeat picture' of the sector as a whole.

The net asset value of regulated funds under administration went up by £2.6 billion, to £228.4 billion, the highest since December 2014 and the second highest since 2009, and banking deposits totalled £128.4 billion – up by £1.9 billion on the previous quarter – following three consecutive quarters of decline.

The number of companies registered in the Island totalled 33,335, which is 500 more than a year ago and Richard Corrigan, Jersey Finance deputy chief executive, said that the figures showed a positive performance across all sectors of Jersey's finance industry.

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