Guernsey Banking Deposits Pass GBP100 Billion

by Philip Morton, Investors Offshore.com

22 May 2007

It has emerged this week that Guernsey bank deposits have passed the GBP100bn milestone.

Figures released by the Guernsey Financial Services Commission (GFSC) show that the total value of deposits held with Guernsey banks reached a record GBP105.3bn at the end of March.

The figures represent an increase of GBP13bn (14%) during the quarter from the GBP92.3bn held at the end of last year – the previous high – and a rise of GBP13bn (23%) year on year, compared to the GBP85.5bn held at the end of March 2006.

Total assets and liabilities increased by GBP15.7bn (16%) during the three months – reaching GBP116.3bn, which is a rise of GBP23.2bn (25%) year on year.

Peter Niven, Chief Executive of the promotional agency for the Island’s finance industry, GuernseyFinance, announced that:

“Passing this milestone is a superb achievement and to do it sooner than anticipated with deposits rising by 14% in the first quarter of the year makes it particularly special. This once again endorses the fact that Guernsey is at the forefront of international banking centres – G is for Guernsey and G is for banking."

He continued:

“Of course, these statistics not only show the continued robustness of the Island’s experienced and skilled banking sector but also the buoyancy of the Island’s finance industry as a whole representing not only the business coming into banks from outside the Island but also the substantial business coming from the other vibrant sectors, notably funds, within the Island.”

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