The Guernsey Financial Services Commission has announced that total deposits held with Guernsey banks at the end of March 2006 increased in sterling terms by GBP4.9 billion from the end of December 2005, to reach a new highest-ever deposit level of GBP85.6 billion, a 6% increase on the quarter and an increase of 18.4% over the year.
According to the GFSC, the sharp rise in deposits in sterling terms was "clearly attributable" to increased volumes of deposit business, as exchange rate effects were neutral during the quarter.
Total assets and total liabilities increased by GBP5.6 billion to a new highest-ever level of GBP93.1 billion.
Volume levels in the underlying currencies show strong increases in US Dollar deposits (up 8.4%) and solid increases in Euros (up 2.1%) and Swiss Francs (up 4.6%).
Swiss fiduciary deposits, particularly those in US Dollars and Swiss Francs, continued to increase during the first quarter, climbing by 5.2% to GBP33.9 billion and accounting for 39.6% of all deposits at the year end.
After declining through most of 2005, the Swiss fiduciary deposits regained some of their attractiveness following increases in interest rates in several currencies during last year.
Of particular note this quarter was the large (6.4%) increase in Sterling deposits achieved across a wide range of banks, adding GBP1.7 billion to total levels. In the overall currency mix the proportion of US Dollar deposits increased to 39.2% and Sterling deposits increased slightly to 33.5%, with Euro deposits decreasing to 21.9%.
During the first quarter, one new banking licence was issued, to Clydesdale Bank PLC – Guernsey Branch, which is part of the National Australia Bank Group.
“It was encouraging to see deposit figures reaching their highest levels in the first quarter driven by increased volumes of business across the piece," commented Philip Marr, Director of Banking, GFSC.
"Overall this represents further evidence of a strong underlying message of business growth in the banking sector," he added.
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