GuernseyCorporate/Commercial Law
The total of deposits held by Guernsey banks at the end of March rose by £2,328 million from the previous quarter, an increase of 5.4 per cent. Total deposits now stand at £45,652 million, of which interbank activity accounts for £1,858 million. Indeed, net of the interbank deposit figure, deposits are at the highest ever level. The increase follows four quarters where total deposits have fallen marginally.
The increase in deposits was reflected in most banks' deposit bases with a number increasing strongly. With the exchange rates of the major currencies held by banks on the Island moving in opposite directions between the last two reporting dates, the overall impact upon converting non-sterling deposits to sterling was mildly beneficial. The split between sterling and currency remains 32/68 per cent.
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