Amount banked in Jersey hits highest level since 2011 as deposits surpass £156 billion

The amount of money banked in Jersey has hit a 12-year high of £156.4 billion.

New figures for 2023 show a rise of 5.4% in financial deposits compared to the previous year, reaching the highest level since 2011.

Nearly two-thirds are held in foreign currencies with the number of private investment funds also performing strongly, now totalling almost 700.

A record 35,379 companies are now registered in Jersey with 70 listed on global stock exchanges.

However, in line with international trends and challenging market conditions, the net value of assets across regulated Jersey funds dropped by 7.5% in 2023 to £452.3 billion.

Real estate was hit hardest, falling by more than 17% but private equity and venture capital rose by 10%.

Overall, historical data shows the net value of assets for Jersey funds has still increased by more than 40% over the last five years.

Reacting to these latest figures, the Chief Executive Officer of Jersey Finance, Joe Moynihan, explains: "Against the backdrop of a persistent high-interest rate environment, there is plenty to be positive about in the latest year-end figures for our industry.

"It's also pleasing to see our banking sector continue to play such a positive role at the heart of our industry with deposits rising strongly, while the fact that corporate activity is thriving is a good indicator that, in uncertain times, investors, families and businesses continue to look to the stable environment Jersey provides."