Guernsey: Guernsey Bank Deposits Up By £2bn
Last Updated: 15 June 2011

The latest figures show that the value of deposits held in Guernsey banks grew by £1.9 bn. (1.7%) during the first three months of 2011.

The total value of Guernsey bank deposits stood at £112.9 bn. at the end of March.

However, contraction over the last year means that deposits have fallen by 4.9%, or £5.8bn., overall compared to the same time last year.

Peter Niven, Chief Executive of Guernsey Finance, said: "We are hopeful that this is an indication of light at the end of the tunnel, but it would be wrong to overstate this growth, after three consecutive quarters of contraction. The banking environment remains difficult with the general expectation that base rates will continue to be low for some time to come."

The increase in the volume of deposits was strong enough to outweigh the negative effects of foreign exchange movements. Deposits in $US increased by 7.2 % and deposits in Euros by 0.4%, while deposits in Swiss Francs decreased by 7% and deposits in sterling decreased by 0.9%.

After eight consecutive quarters of decline, the levels of Swiss fiduciary deposits increased by 2.4% over the quarter, to £38.3bn.

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