The total of deposits held by Guernsey banks at the end of June fell by £980 million from the previous quarter, a decrease of 2.1%. Total deposits now stand at £44,917 million of which £2,533 million constitutes local interbank activity.
Most of the banks saw some increase in deposits with quite a number increasing strongly. However, the imminent departures of Chemical Bank and Lazards are already having an impact as between them some £900 million of deposits were relocated outside the Island.
Some of the fall in deposits may be explained by the noticeable increase in investment business in this quarter reported last week. Movements in the exchange rate would also have affected the deposit total adversely as over the quarter sterling strengthened against the dollar, deutschmark and Swiss franc. Once, again the decrease in deposits was all in currency with those in sterling actually increasing by £577 million. The split of the total deposits is now 72% in currency to 28% in
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.
