31.08.2007 The Jersey Financial Services Commission (JFSC) compiled the statistics for the 2nd quarter of 2007. According to the figures on Jersey's Finance Industry, as at the end of June, bank deposits and investment fund assets under administration broke through the GBP 200 billion milestone. The figures signify an upswing in business growth experienced by the jurisdiction in all sectors. Particularly strong performance was observed in the funds and banking sectors - compared to the 1st quarter, bank deposits have increased by 6.6% overall to GBP 211.7 billion, while the Net Asset Value of Funds under administration increased by 8.2% to GBP 210.4 billion. The statistics also revealed that in the 2nd quarter of 2007 company formations were up 77%, as compared to the same period in 2006, which is a definite upward trend of Jersey incorporation.
21.08.2007 Hong Kong Financial Secretary John Tsang has announced that the US subprime mortgage problem has not influenced Hong Kong's banking sector. Still, he warned shareholders that to take action their ability and awareness of fluctuating market conditions should be taken into consideration. On August 16, the Hang Seng Index saw a plunge - it closed at 20 672 points, which is 3.29% on August 15 close. Tsang said that this can be explained by mostly external factors, which are the US subprime mortgage problem and global market conditions.
03.08.2007 A new Banking Code has been launched by CIBA - the Cayman Islands Bankers Association - in conjunction with all of the retail banks in the Cayman Islands. This code sets standards of good banking practice in the jurisdiction and explains how banking institutions and their staff are to deal with customers. The code is voluntary. It covers 16 areas (including interest rates, charges, complaints, banks' assistance in the period of customer's financial difficulties) that influence the interaction between customers and their banks. All current retail banking community of the Cayman Islands have chosen to adopt and implement the new banking code, including Butterfield Bank, HSBC, Fidelity Bank, Royal Bank of Canada, First Caribbean International Bank, and Scotiabank & Trust.
