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Jersey Announces Fall In Deposits

Wednesday, March 3, 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.”

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Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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