Bank deposits resume their slide after first quarter gain
Thursday 12th September 2013, 10:00AM BST.
BANK deposits held in Guernsey fell again in the second quarter of the year following the rally recorded in the first three months of 2013.
Following a 4.4% quarterly increase at the end of March, by the end of June total deposits were down 0.9% (£800m.) in sterling terms at £89.7bn. This is 13% lower than the figure a year ago.
Total assets and liabilities decreased by 0.5% to £116.9bn over the same three-month period.
In his first quarterly report, Jeremy Quick, pictured, director of the newly-formed banking and insurance supervision and policy division of the Guernsey Financial Services Commission, said: ‘Since 2008/9 the size of the banking sector in Guernsey – as in the other Crown Dependencies – has materially reduced, due primarily to global deleveraging and low interest rates. The latest quarterly figures in Guernsey show no signs that this trend is abating at present.’