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."

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