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Banking Activity In Guernsey 'Encouraging'

by Amanda Banks, Tax-News.com, London

11 December 2001


The Guernsey Financial Services Commission has released details of this year's third quarter banking activity on the Island. According to the Commission's statistics total deposits held with the Island's Banks at the end of September 2001 increased by £2,251 million from the end of June 2001 level of £73,911 million to reach a new high of £76,162 million. Overall, total assets increased by £2,522 million to £80,411 million representing an increase of 3 per cent.

The Commission points to a combination of factors as a result of the increase. The largest volume increases came from several banks taking Swiss fiduciary deposits but there was also a one-off effect of a significant increase in deposits at one large banking group re-structuring its Channel Island operations.

There were also significant currency movements within the quarter as sterling strengthened against the US dollar, while weakening against the euro and Swiss franc. This would have had a net depressing effect on the figures when reported in sterling but this impact was outweighed by the volume increases, stated the Commission.

Philip Marr, Director of Banking commented: 'This is not an easy set of figures from which to discern any clear trends. Currency movements and a one-off restructuring cloud the picture. But the underlying tone of business is still encouraging.'


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