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Guernsey Bank Deposits At All Time High

by Robert Lee, Tax-News.com, London

18 December 2008


The Guernsey Financial Services Commission announced on Wednesday that the total value of deposits held by Guernsey's banks grew 21% in the year to the end of September 2008, to GBP136.6bn.

Deposits held by Guernsey banks grew by GBP8.2bn (6.4%) in the three months to the end of September. The increase means that the total value of deposits reached a new record high by the end of September 2008.

Peter Niven, Chief Executive of Guernsey Finance, said: “This growth demonstrates the continued strength of Guernsey’s banking industry during what have been very difficult times.”

“We are very well aware that these figures have been boosted by the weakening of sterling exchange rates, particularly against the US Dollar and that they do not take into account the full extent of the worldwide banking crisis that began in the last few weeks of September and continued into October.”

“The figures for quarter four will reveal more about its impact, government responses and currency shifts but it is encouraging to hear that Guernsey banks remain positive about business flows despite the continuing tough conditions.”

“Indeed, these latest statistics show that corporate clients – who represent by far the largest proportion of our deposit base – still see Guernsey as a good location for their business. Our efforts to continue to grow that part of the Island’s banking business will continue unabated through the end of 2008 and into 2009.”

The overall currency mix shows the proportion of US Dollars increasing to 45.9% and the proportion of Euro decreasing slightly to 22.7%. Sterling deposits fell to 24.5%, while the proportion of Swiss Franc deposits remained static.

Two new banking licences were issued during the third quarter (and none were surrendered): BNP Paribas Securities Services S.A. Guernsey branch and Bank of Scotland plc – Guernsey branch. Mellon Bank (Channel Islands) Limited was renamed The Bank of New York Mellon (CI) Limited.


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