The Isle of Man government has revealed detailed Q2 statistics for its banking sector, showing that deposits decreased by GBP2.99bn (5.33%) to GBP55.09bn in the three months to June 30, 2009.
Despite this fall in Isle of Man banks’ holdings in Q2 of 2009, deposits year-on-year to June 30, 2009, have decreased by just GBP0.68bn (1.26%), it was further revealed.
The Manx Financial Supervision Commission explained on releasing the report that the figures at June 30 2009 exclude the historic deposit base of Kaupthing Singer & Friedlander (Isle of Man) Limited following the placing into liquidation of that entity in May 2009. The deposit base of this entity was included in previous quarterly data.
The Commission further observed that the total figures at June 30 2009 compared to those at March 31 2009 have been materially influenced by exchange rate movements. The quarterly decrease in foreign currency deposits, expressed in sterling, was 12.7%, whilst the decrease in sterling denominated deposits was 1.44%.
The value of sterling appreciated against both the US dollar and Euro between March 31, 2009, and June 30, 2009, by approximately 11.5% and 8.3% respectively. The appreciation of sterling has caused a decrease in the sterling value of deposits denominated in those major currencies.
The Isle of Man government’s recently released Q2 report observed that the island’s banking sector has performed well despite the crisis.
“The global economy has entered one of its worst periods in living memory and the double impact of a banking crisis followed by a global recession which in turn may cause more damage to the banking industry remains a cause for concern. Even with interest rates held at an historic low we are seeing that the cost of credit is still rising. As the recession continues, conditions for businesses will become more difficult as time plays its role. The Isle of Man has nevertheless fared very well so far,” the report observed.
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