Banking deposits in Guernsey fell by 2.3% during the third quarter of 2009, but remained marginally up on Q3 2008. Core deposits amounted to GBP75.4bn at end-September 2009.
“What we can see is that core Guernsey bank deposits are in fact remaining quite robust and have now reached a similar level to their value just prior to the credit crunch and the subsequent financial crisis,” said Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the island’s finance industry.
Total bank deposits (also including Swiss fiduciary deposits) reached GBP120.2bn at the end of September, down GBP4.4bn (3.5%) during the third quarter of the year and reducing GBP36.8bn (11.8%) year-on-year.
Figures from the Guernsey Financial Services Commission (GFSC) show that a major reason for the decline is the fall in Swiss fiduciary deposits. They stood at GBP44.8bn at the end of September 2009, which is a reduction of 5.5% during the third quarter and down 26.6% on the same time 12 months previously. The GFSC states that these figures illustrate that this product remains relatively uncompetitive in a low interest rate environment.
Niven added: “Looking at the data we can see that the continued decline in total Guernsey bank deposits is being largely driven by one particular product – the Swiss fiduciary deposits – and in fact others such as the local interbank market are performing more resolutely. On top of this, it is also positive to hear of signs that deposit levels were beginning to stabilize during the last month of the quarter.”
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