The increase, which was recorded across a wide range of banks, was predominantly in sterling. It may be partly explained by a move by investors into cash deposits following the turmoil in securities markets during the quarter. Foreign currency deposits - mainly USD, DEM and CHF - remained flat was expressed in sterling. The currency breakdown is split 37% sterling and 63% other currency deposits. A table showing deposits since 1980 is attached.
There were two new licences issued during the quarter, both to banks in the top 250 in the world. First, a licence has been issued to a branch of the largest bank in Greece: National Bank of Greece S.A. and second, a subsidiary of Hamburgische Landesbank: Hamburgische Landesbank (Guernsey) Limited was granted a licence. This bank is one of the top 20 banks in Germany. No licences were surrendered. Neither of these would have had any material effect upon the overall totals at the period end.
Philip Marr, Director of Banking says:
"The record level of deposits along with the establishment of banks from two more major banking groups can only be seen as a positive endorsement of what Guernsey has to offer as a finance centre"
DEPOSITS WITH LICENSED DEPOSIT-TAKERS
End No. of licensed Deposits Quarterly Yearly
Period institutions £Mn Variation Variation
% %
198O 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
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
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
Jun 75 45,973 0.7
Sept 79 47,786 3.9
Dec 78 49,357 3.3 13.9
1998 Mar 76 48,658 -1.4
Jun 76 49,792 2.3
Sept 78 50,434* 1.3
* of which £l,596 million constitutes local interbank deposits
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