Sterling deposits grew strongly by £519 million or 3.6%. Underlying currency deposit volumes showed an increase but when translated into sterling these declined because of the appreciation of sterling against the major currencies. An increase in local interbank activity was almost all on the currency side.
Two new banking licenses were issued during the quarter. The Cheshire Building Society set up a subsidiary and Republic National Bank Of New York set up a branch and their deposits are included in the figures although neither had a material effect on the overall totals at the period end. No licences were surrendered.
A table showing deposits since 1980 is shown below.
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
1997 Mar 73 45,652 5.4
Jun 75 45,973 * 0.7
* of which £2,510 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 Philip Marr on Tel: +44 (0) 1481 712706 or visit the Guernsey Financial Services Commission Web Site at:
http://gfsc.guernsey.net
