Sterling has strengthened against the major currencies over the quarter. Despite this, foreign currency deposits when translated into sterling rose by £1,082 million. The currency breakdown remains one third sterling, two thirds foreign currency - mainly US Dollars, Deutschmarks and Swiss Francs. Sterling deposits rose by £489 million. Local interbank activity fell by £624 million.
Over the year deposits rose by £6,033 million (13.9%), the largest annual increase since 1992.
A table showing deposits since 1980 is attached.
During the quarter the Royal Bank of Scotland (Guernsey) Limited surrendered its banking license. This had no effect on the figures as the business was transferred to the Guernsey branch of the Royal Bank of Scotland International Limited. No licenses were issued in this period. However, there were other surrenders and issues of licenses over the New Year period.
Director of Banking, Philip Marr said:
"the industry can be well pleased with the record deposit levels and we should also mention that total assets passed the £50 billion mark during the quarter reaching £54,205 million at the end of December."
DEPOSITS WITH LICENSED DEPOSIT-TAKERS
End Period No of Licensed Deposits Quarterly Yearly 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 1993 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 Dec 72 43,324 -1.2 -7.5 1997 Mar 73 45,652 5.4 June 75 45,973 0.7 Sept 79 47,786 3.9 Dec 78 49,357* 3.3 13.9 *Of which £1,286 million constitutes local interbank deposits
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