Guernsey Banking Sector Grows Again
by Jason Gorringe, Tax-News.com, London
17 February 2015
The value of deposits held by banks in Guernsey grew by 3.5 percent during the final quarter of 2014, according to figures from the Guernsey Financial Services Commission (GFSC).
The GBP2.8bn (USD4.30bn) increase is the second consecutive quarterly rise, lifting the total value of Guernsey bank deposits to GBP83.7bn at the end of December 2014.
The value of deposits will soon be boosted when South African banking group FirstRand establishes its Guernsey branch later this year. FirstRand was granted a license late last year, bringing the number of licensed banks in Guernsey to 31.
Dominic Wheatley, Chief Executive of Guernsey Finance – the promotional agency for the island's financial services industry, said: "I believe the statistics and the FirstRand announcement show that the island continues to be a popular destination for banks and banking products as well as a stable home for deposits."
To see today's news, click here.
Tax-News Reviews
A review and forecast of Cyprus's international business, legal and investment climate.
A review and forecast of Malta's international business, legal and investment climate.
A review and forecast of Jersey's international business, legal and investment climate.
A review of the latest budget news and government financial statements from around the world.
Tax-News+ Updates
Receive FREE daily updates from Tax-News.com, straight to
your inbox. Register Now!
For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...
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 »
Network Blogs and Features
- just about worthy of praise »
- punted into the long grass »
- The robots are already here »
- Seven reasons to open an offshore bank account »
- Ras-Al-Khaimah International Companies »
- The Pros and Cons of Incorporating in Delaware »
- tax competition is far from dead »
- economic forecasting is a hazardous occupation »
- Cyprus: An ideal gateway »
- Three legs are steadier than two left feet »
- How do I expand my existing business to Ireland and avail of the 12.5% Corporate Tax Rate? »
- UK Experiences a Rise in the Number of British Expats in the UAE Investing in Property »
- no regulation without taxation »
- Top Tips for Overseas Investors looking to attract the Best Tenants »