CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Guernsey Banking Deposits Fall In Q3 2009

Guernsey Banking Deposits Fall In Q3 2009

by Amanda Banks, Tax-News.com, London

24 December 2009


Banking deposits in Guernsey fell by 2.3% during the third quarter of 2009, but remained marginally up on Q3 2008. Core deposits amounted to GBP75.4bn at end-September 2009.

“What we can see is that core Guernsey bank deposits are in fact remaining quite robust and have now reached a similar level to their value just prior to the credit crunch and the subsequent financial crisis,” said Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the island’s finance industry.

Total bank deposits (also including Swiss fiduciary deposits) reached GBP120.2bn at the end of September, down GBP4.4bn (3.5%) during the third quarter of the year and reducing GBP36.8bn (11.8%) year-on-year.

Figures from the Guernsey Financial Services Commission (GFSC) show that a major reason for the decline is the fall in Swiss fiduciary deposits. They stood at GBP44.8bn at the end of September 2009, which is a reduction of 5.5% during the third quarter and down 26.6% on the same time 12 months previously. The GFSC states that these figures illustrate that this product remains relatively uncompetitive in a low interest rate environment.

Niven added: “Looking at the data we can see that the continued decline in total Guernsey bank deposits is being largely driven by one particular product – the Swiss fiduciary deposits – and in fact others such as the local interbank market are performing more resolutely. On top of this, it is also positive to hear of signs that deposit levels were beginning to stabilize during the last month of the quarter.”


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »