Deposits go up by £20bn
Monday 2nd March 2009, 2:30PM GMT.
BANK deposits increased by £20.8bn. during the final quarter of last year.
The 15.3% increase, which took the total deposits to £157.1bn. at the end of December, was largely down to the weakening pound.
But it also represented growth of £38bn. or 31.9% year-on-year.
‘Not unexpectedly the weakening of sterling, which declined 18% against the US dollar, 17% against the euro and 22% against the Swiss franc, has contributed to a very substantial rise in the value of Guernsey bank deposits during the final quarter of 2008,’ said GuernseyFinance chief executive Peter Niven (pictured).
Figures from the Guernsey Financial Services Commission show that underlying deposit business in US dollars was down by 8% and in Swiss francs down by 14%, but business in euros was up 14.5% and sterling business was up some 3%.
Mr Niven added: ‘The figures for quarter four of 2008 are somewhat patchy and clearly there is no room for complacency but the figures do show a strong deposit base which we will be monitoring closely as we move through 2009.’
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You the people of Guernsey must be used to all this blarney that comes out of your politicians mouths. If you think for one minute that Guernsey is not going to be severely affected by this credit crunch and the failure of your banks then think again. You lot are going to be a very poor island indeed in 20 years. Even in 12 months time you will see a severe shift away from Guernsey by the once loyal ex-pat banking community by way of closing funds and transferring money to a much safer banking system. Frankly your banking system and your level of commitment as shown by your government in the latest banking failure Landsbanki leave me without doubt that I for have taken my money and run. You will see, in 12 months time, your deposits will be well down as it takes time for people to withdraw funds which have temporarily been closed to withdrawals. But your time is neigh, you are about to sink. Take a look at your governments balance sheet, they couldn’t keep you in credit in the good times so well behold you now we are entering the 10 year slump. No foresight, your politicians, none whatsoever !
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Jack
Fortunately for Guernsey retail bank deposits are just a small percentage of the total funds.
Probably a good thing for retail deposits to run down. They are a pain and make very litle contribution to the kitty.
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Stephen
I couldn’t agree more. They also don’t help one jot when it comes to compliance with the EUSTD.
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Jack….you don’t mention where you live, the UK maybe? 2 trillion in debt, 3 million unemployed etc etc or as you say as an expat hiding your tax free money away some where else. Genuinely interested why you think Guernsey is any worse off than anywhere else. Although it may change soon we are still starting this turndown in the black wheras the rest of the world?
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