Total bank deposits in Guernsey dip to six-year low of £97bn
Thursday 29th November 2012, 11:00AM GMT.
TOTAL deposits held with Guernsey banks have fallen below £100bn for the first time since 2006.
A 6% decline in the third quarter of the year saw the value dip from £103.1bn to £96.9bn, more than 15% down on a year ago.
‘Global deleveraging continued to influence the Guernsey aggregate banking figures and total deposits and total assets and liabilities resumed their downward trend,’ said Philip Marr, director of banking at the GFSC, pictured.
‘Difficult economic conditions, reduced inter-bank activity and measures to conserve capital by global banks are working together to produce further balance sheet contraction across a range of licensed banks.’
Mr Marr said the balance sheet was unlikely to pick up over the next few months.