Guernsey: Press Release - Deposits Continue To Grow

Last Updated: 18 August 1999
Article by David Archer

Total deposits held with Guernsey banks at the end of June 1999 increased 4.7% by £2,541 million from the end of the previous quarter to reach a new high of £56,581 million.

The increase was roughly one quarter in sterling deposits and three quarters in foreign currency deposits - mainly USD, EUR and CHF - and was recorded across a wide range of banks. When expressed in sterling the foreign currency element was adversely affected due to the strengthening of the pound against the Euro over the quarter. However there was still substantial growth in the underlying figures. The currency breakdown is split 35% sterling and 65% other currency deposits. The largest single currency type within the total deposits remains USD at 46%. The euro and the euro legacy currencies accounted for over 14% of deposits at the quarter end.

Local inter-bank activity was down £56 million in the quarter.

A table showing the level of deposits since 1980 is below.

There was only one new licence issued during the quarter, to a subsidiary of the American bank Mellon Bank NA, However, this had no influence in this quarter's figures. No licences were surrendered.

Philip Marr, Director of Banking says

"Once again we have seen strong underlying growth in deposits with Guernsey Banks. Increases were recorded across a broad spectrum of banks. It would appear that depositors and savers remain very committed to Guernsey as an offshore centre.".


End         No. of licensed    Deposits    Quarterly    Yearly 
Period      institutions       £Mn         Variation    Variation
                                               %           %

198O           43              1,800                      68.2
1981           42              2,691                      49.5
1982           41              3,307                      22.9 
1983           41              4,243                      28.3
1984           45              5,838                      37.6  
1985           47              7,209                      16.7
1986           52              9,508                      31.9 
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
     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
     Dec       78             52,922        4.9            7.2
1999 Mar       78             54,040        2.1
     Jun       79             56,581*       4.7

* of which £l,079 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.

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