Deposits Held With Guernsey Banks Dropped 3.3% Last Quarter
Deposits held in Guernsey banks dropped 3.3% between June and September to
£71,821 billion, according to a report from the Guernsey Press and Star. Speaking to the newspaper at the weekend, director of banking for the Guernsey
Financial Services Commission, Philip Marr announced that total assets and liabilities
also decreased by around £2.5 billion last quarter, and suggested that
the most likely explanation for this is exchange rate fluctuation due to the
increasing strength of the pound against other currencies. 'With the direction of financial markets still indeterminate there is no uniformly
clear explanation as to why there was a decrease in deposit volumes. We believe
there has been some movement out of cash deposits into other financial products,'
he told the newspaper, adding that: 'This was another quarter when exchange rate movements had an impact on deposit
figures with the stronger sterling exchange rate pushing our figures downwards
despite the US dollar component being slightly higher in dollar terms.' .
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