Fall in deposits and funds last year
Friday 26th February 2010, 3:00PM GMT.
Jersey Finance chief executive Geoff Cook: ‘Funding will be required’
JERSEY bank deposits were down by 20 per cent while the value of funds under administration fell by 30 per cent in 2009.
The latest figures released by Jersey Finance show the impact of the economic downturn on the finance industry.
However, there was some room for cautious optimism with the values of specialist funds growing as compared to the previous quarter. These include hedge, private equity and real estate funds.
Meanwhile, the value of funds under investment management increased from £18.4 billion to £19.7 billion – a rise of 4.4 per cent – during 2009.
Jersey Finance chief executive Geoff Cook said that the decrease of almost 20 per cent for Jersey’s banking deposits during 2009 was hardly surprising given the very low level of interest rates throughout the year.
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Well Doh!!!
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Has the drive to clean up the Jersey finance industry act helped or hindered deposit taking?
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Weren’t we told a couple of months ago that all is fine and dandy, just a re-organisation of a large client causing a blip in the figures… blah de blah .. ?
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Good that Jersey Finance is talking things up, however in times of low interest rates it is margins which are squeezed. This does not explain a 20% decrease.
Also funds under investment management have underperformed markets which generally increased by approximately 20% in 2009.
So funds are flowing out of Jersey..
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JerseySandy – yes margins are squeezed alternatively companies offer less competitive rates and the funds move to other juristictions where the rates are better. Welcome to the world!!
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