The total of deposits held by Guernsey banks at the end of September fell by £1,085 million from the previous quarter, a decrease of 2.4%. Total deposits now stand at £43,832 million.
Nearly all banks saw some increase in deposits with quite a number increasing strongly but the final effect of the loss in deposits resulting from the relocation of Chemical Bank and Lazards outside the Island outweighed the increases. Movements in the exchange rate would also have affected the deposit total adversely on conversion to sterling (by about £200 million) as over the quarter sterling strengthened against the dollar, deutschmark and Swiss franc. Local interbank activity fell by £283 million to £2250 million.
Once, again the decrease in deposits was all in currency with those in sterling actually increasing by £361 million. The split of the total deposits is now 70% in currency to 30% in sterling.
One banking licence was surrendered during the quarter by Bank Unigestion following the parent's merger with Republic National Bank of New York (Suisse) SA. No new licences were issued.
A table showing deposits since 1980 is attached.
DEPOSITS WITH LICENSED DEPOSIT-TAKERS
End No. of licensed Deposits Quarterly Yearly
Period institutions £Mn Variation Variation
% %
1980 43 1,800
1986 52 9,508
1987 54 8,838 -7.0
1988 56 10,168 15.0
1989 58 12,992 27.8
1990 Mar 66 13,387 3.0
June 68 13,469 0.6
Sept 70 14,522 7.8
Dec 72 15,476 6.6 19.1
1991 Mar 72 16,203 4.7
June 72 16,829 3.9
Sept 71 16,156 -4.0
Dec 72 16,250 0.6 5.0
1992 Mar 73 17,849 9.8
June 72 17,673 -1.0
Sept 73 21,226 20.1
Dec 76 27,442 29.3 68.9
1991 Mar 73 30,299 10.4
June 74 32,605 7.6
Sept 75 37,595 15.3
Dec 75 37,482 -0.3 36.6
1994 Mar 74 37,773 0.8
June 73 40,320 6.7
Sept 73 41,439 2.8
Dec 73 42,191 1.8 12.6
1995 Mar 72 43,018 2.0
June 73 45,207 5.1
Sept 73 44,437 -1.7
Dec 73 46,855 5.4 11.1
1996 Mar 75 45,897 -2.0
June 76 44,917 -2.1
Sept 75 43,832 * -2.4
* of which £2,250 million constitutes local interbank deposits
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or fax: +44 (0) 1481 712 010 or e-mail: info@gfsc.guernseyci.com
Visit the Guernsey Financial Services Commission Web Site at Click Contact Link
