Guernsey Bank Deposits Return To Growth

New figures show that the value of deposits in Guernsey banks grew by £1.3bn (1.1%) during the first three months of the year.

This increase took the total value of Guernsey bank deposits to £118.7bn at the end of March 2010.

However, the quarter of growth follows a full year of contraction and therefore means that deposits have fallen in value by £24.2bn (17%) since the same time last year.

Peter Niven, Chief Executive of Guernsey Finance, said: "This is the first time in fifteen months that I have been able to report growth in the value of banking deposits during the previous quarter. It is encouraging that we have seen this increase – albeit small – during the first three months of this year and it reflects the greater stability in the banking sector at the moment.