Total deposits held with Guernsey banks at the end of June 1999 increased 4.7% by £2,541 million from the end of the previous quarter to reach a new high of £56,581 million.
The increase was roughly one quarter in sterling deposits and three quarters in foreign currency deposits - mainly USD, EUR and CHF - and was recorded across a wide range of banks. When expressed in sterling the foreign currency element was adversely affected due to the strengthening of the pound against the Euro over the quarter. However there was still substantial growth in the underlying figures. The currency breakdown is split 35% sterling and 65% other currency deposits. The largest single currency type within the total deposits remains USD at 46%. The euro and the euro legacy currencies accounted for over 14% of deposits at the quarter end.
Local inter-bank activity was down £56 million in the quarter.
A table showing the level of deposits since 1980 is below.
There was only one new licence issued during the quarter, to a subsidiary of the American bank Mellon Bank NA, However, this had no influence in this quarter's figures. No licences were surrendered.
Philip Marr, Director of Banking says
"Once again we have seen strong underlying growth in deposits with Guernsey Banks. Increases were recorded across a broad spectrum of banks. It would appear that depositors and savers remain very committed to Guernsey as an offshore centre.".
DEPOSITS WITH LICENSED DEPOSIT-TAKERS
End No. of licensed Deposits Quarterly Yearly Period institutions £Mn Variation Variation % % 198O 43 1,800 68.2 1981 42 2,691 49.5 1982 41 3,307 22.9 1983 41 4,243 28.3 1984 45 5,838 37.6 1985 47 7,209 16.7 1986 52 9,508 31.9 1987 54 8,838 -7.0 1988 56 10,168 15.0 1989 58 12,992 27.8 1990 Mar 66 13,387 3.0 June 68 13,469 0.6 Sept 70 14,522 7.8 Dec 72 15,476 6.6 19.1 1991 Mar 72 16,203 4.7 June 72 16,829 3.9 Sept 71 16,156 -4.0 Dec 72 16,250 0.6 5.0 1992 Mar 73 17,849 9.8 June 72 17,673 -1.0 Sept 73 21,226 20.1 Dec 76 27,442 29.3 68.9 1993 Mar 73 30,299 10.4 June 74 32,605 7.6 Sept 75 37,595 15.3 Dec 75 37,482 -0.3 36.6 1994 Mar 74 37,773 0.8 June 73 40,320 6.7 Sept 73 41,439 2.8 Dec 73 42,191 1.8 12.6 1995 Mar 72 43,018 2.0 June 73 45,207 5.1 Sept 73 44,437 -1.7 Dec 73 46,855 5.4 11.1 1996 Mar 75 45,897 -2.0 June 76 44,917 -2.1 Sept 75 43,832 -2.4 Dec 72 43,324 -1.2 -7.5 1997 Mar 73 45,652 5.4 Jun 75 45,973 0.7 Sept 79 47,786 3.9 Dec 78 49,357 3.3 13.9 1998 Mar 76 48,658 -1.4 Jun 76 49,792 2.3 Sept 78 50,434 1.3 Dec 78 52,922 4.9 7.2 1999 Mar 78 54,040 2.1 Jun 79 56,581* 4.7 * of which £l,079 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.