In what come as a
surprise to many given the levels of anti-offshore rhetoric at the present time,
it seems that Jersey’s finance industry is buoyant.
Data released yesterday
showed that the value of funds under administration have reached a four year
high, with the total NAV of funds under administration in Jersey showing a
quarterly increase of 6.5%, to stand at £205.3bn.
Bank deposits also grew
for the second consecutive quarter – by £3bn, or 2% – to £155.1bn, although
they still remain significantly below the 2007 peak. It is thought that the Island may have
benefited to some extent from the Cypriot banking crisis, with deposit-holders
fearing that if they hold deposits in EU member states they could lose their
cash in the event of a bank collapse.
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