Underlying foreign currency deposits were flat but when translated into sterling grew by £688 million due to the weakening of sterling against the major currencies over the quarter.
Sterling deposits grew by £1,125 million although £590 million of this resulted from the reclassification of a category of deposits previously regarded as off balance sheet. However, after adjusting for this, sterling deposits still showed strong growth.
During the quarter, licences were issued to DAH Hambros Bank (Channel Islands) Limited and to branches of Fiduciary Trust Company International, RBSI Custody Bank Limited and Canadian Imperial Bank of Commerce (Switzerland) Limited. None of these had a material effect on the overall totals at the period end. This brings the number of licences issued so far this year to 7 and the total number of banks to 79 at the quarter end.
No licences were surrendered during the September quarter.
A table showing deposits since 1980 is shown below.
End Period No of licenced Deposits Quarterly Yearly
institutions £mn Variation Variation
% %
1980 43 1800
1986 52 9508
1987 54 8838 -7.0
1988 56 10168 15.0
1989 58 12992 27.8
1990 Mar 66 13387 3.0
June 68 13469 0.6
Sept 70 14522 7.8
Dec 72 15476 6.6 19.1
1991 Mar 72 16203 4.7
June 72 16829 3.9
Sept 71 16156 -4.0
Dec 72 16250 0.6 5.0
1992 Mar 73 17849 9.8
June 72 17673 -1.0
Sept 73 21226 20.1
Dec 76 27442 29.3 68.9
1993 Mar 73 30299 10.4
June 74 32605 7.6
Sept 75 37595 15.3
Dec 75 37482 -0.3 36.6
1994 Mar 74 37773 0.8
June 73 40320 6.7
Sept 73 41439 2.8
Dec 73 42191 1.8 12.6
1995 Mar 72 43018 2.0
June 73 45207 5.1
Sept 73 44437 -1.7
Dec 73 46855 5.4 11.1
1996 Mar 75 45897 -2.0
June 76 44917 -2.1
Sept 75 43832 -2.4
Dec 72 43324 -1.2 7.2
1997 Mar 73 45652 5.4
June 75 45973 0.7
Sept 79 47786* 3.9
* of which £1,910 million constitutes local interbank deposits
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Philip Marr, Director of Banking on Tel: 01481 712706 or visit the Guernsey Financial Services Commission Web Site at:
Click Contact Link
