The Guernsey Financial Services Commission (GFSC) has released details of banking activity on the island in the first quarter of this year, during which period total deposits held with Guernsey banks increased by £3,849 million from the end of December 2000 total (£68,474 million) to reach a new high of £72,323 million. Total assets increased to £76,132 million.
According to the GFSC, this solid growth representing 5.6% in deposits was all in the foreign currency element with sterling deposits remaining essentially unchanged. Over half the growth in foreign currency deposits was caused by volume increases in the underlying deposits but there was also a significant increase in the figures when expressed in sterling due to the weakening of the pound sterling against the US dollar. The volume increases came from several banks although the largest individual increase was in Swiss fiduciary deposits.
The largest single currency type within the total deposits is US dollar at just over 50%, and the euro and the euro legacy currencies accounted for 14% of deposits at the quarter end.
Ony one bank surrendered its licence - the Union Discount Company - but this development had no influence on this quarter's figures. Local inter-bank activity was up slightly at £1,060 million.
In a statement released by the GFSC, Philip Marr, Director of Banking, concluded: 'The strong growth in deposits in the first quarter was clearly influenced by the weakening of sterling against the US dollar. However, there were still encouraging volume increases in underlying foreign currency business at a broad range of banks. Although sterling business is holding up the recent growth in foreign currency business, to a large extent driven by the increases in Swiss fiduciary deposits, it has further reduced the importance of sterling in the mix of deposits. Sterling deposits now account for 30% of the total against 70% foreign currency, the lowest proportion since mid-1996.'
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