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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