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Jersey Finance Industry

The Island's major industry

The Finance Industry is now the island's major industry having grown significantly since the early 1980's. It contributes 60% of the island's Gross Domestic Product, 60% of tax income and employs ten thousand staff in many different sectors. Tourism now takes second place and Horticulture third.

The finance industry is attracted to Jersey by the island's stable government, our proximity to both the UK and continental Europe, the significant body of expertise developed by the industry in a wide range of financial services and a competitive tax environment. The industry has a 40 year track record to call on following various economic liberalisation moves in the early 1960’s which encouraged establishment of the international profile the industry now presents.

The island's Finance industry has developed a first class reputation internationally and is in the top tier of offshore centres. This was evidenced in the UK Government's Review of Financial Regulation in the Crown Dependencies 1n 1999 which described the island as being in the "top division of offshore finance centres". More recently the Financial Stability Forum (FATF) categorised Jersey as a Group 1 offshore centre in recognition of the island's up to date anti-money laundering legislation and practices.

Jersey is an international finance centre with 46 banks, over 32,000 registered companies and more than £189 billion deposited in the Island at any one time - 68% in foreign currency. The Island also has a flourishing Fund Management sector with over £ 179billion under management and a world renowned expertise in Trusts with nearly 200 Trust Companies, all regulated by the Jersey Financial Services Commission, established in the Island.

Jersey Finance Quarterly Report - 31 December 2007

Jersey Finance issued the following statement for the quarter ended 31 December 2007

Headlines:

· During 2007 bank deposits grew by £22.6 billion to £212.3 billion. This represents growth of 11.9% in bank deposits for the last twelve months. This included the issuance of two new banking licences to EFG Private Bank and Investec Bank (Channel Islands). During the last quarter there was a dip in deposits due to the movement of funds out of two island banks, this is considered to be a temporary fall.

· The Net Asset Value (NAV) of funds under administration in Jersey grew by £67.0 billion in the year 2007 to reach £246.1 billion. During 2007 the NAV of funds under administration rose by 37.4%. During the period a number of new Fund administrators were authorised in the Island including Saltgate Limited, Nordic Capital Limited, Rathbone Fund Services Jersey Limited, Horizon Trustees (Jersey) Limited, Pentera Trust Company Limited, Walbrook Fund Managers (Jersey) Limited and Investec Trust (Jersey ) Limited.

· The NAV of Expert Funds grew by £28.7 billion during 2007 representing a 97.5% increase over the year. The number of Expert Funds increased by 109 to 383 during the year, an increase of 39.7%.

· The total value of funds under Investment Management increased by £16.7 billion to £78.8 billion during the year, representing an increase of 26.8%. This was assisted by a number of new entrants including Savills Private Finance, EFG Offshore Limited, Abbey National Financial & Investment Services Ltd, Ermitage Asset Management, Heritage Insurance Ltd, Redwood Group Investment Management Limited and DPZ Capital Limited

Funds

2007 was a particularly successful year for the Jersey Fund industry with a strong positive growth in the number and value of specialist funds established or administered in the island. Total fund values reached a new high of £246.1bn comprising of 1,311 funds.

Company incorporations

The total number of companies on the Companies register in Jersey increased by 4.75% in 2007 to 33,683

No of banks licensed in Jersey

In December 2000 the regulators of Guernsey, Jersey and Isle of Man announced a joint initiative entitled 'Overiding Principles for a Revised Know your Client framework' which proposes key changes to the anti-money laundering regimes in all three islands. These are designed to further strengthen the already stringent requirements of these top Offshore Centres.

Strong upward growth in bank deposits

Channel Islands Stock Exchange

The Channel Islands Stock Exchange ("CISX") was established in 1998 as a joint venture between Guernsey and Jersey to complement the existing range of services already available locally. The CISX is based in Guernsey and regulated by the Commission.

The CISX was established in 1998 as a joint venture between Guernsey and Jersey to complement the existing range of services already available locally.

As of December 2006, the number of securities listed on the Exchange had increased to 1,489 up from 5891 in 2004.

It is a member of the International Federation of Stock Exchanges as a corresponding market, a member of the International Securities Market Association, the European Securities Forum and is recognised by the Australian Stock Exchange.

CISX Page