Guernsey As A Finance Centre

The finance sector of the Island's economy now employs over 6,000 people and generates some 60% of export earnings. It has continued to expand steadily in all its primary aspects, namely banking, insurance, investment management, collective investment fund administration and trust and company administration. Much of the growth is organic, that is to say attributable to long-established financial services operations, although there have also been changes through mergers as well as growth with the arrival of new institutions.

At 30 June 1999 Guernsey had 79 banks holding deposits totalling a record of nearly £56.6 billion. About 65% of this sum was held in foreign currency, mainly US dollars, Swiss francs and euro. This compares with 56 banks at 30 June 1988 holding deposits totalling just over £10 billion. While nearly 30 of Guernsey's deposit-takers are ultimately owned by British banks and building societies, the remainder have origins in 19 other countries. This is one of the