The value of deposits held by banks in Guernsey grew by
£3.5 billion (4.5%) during the third quarter of the year.
Figures from the Guernsey Financial Services Commission (GFSC)
show that the value of bank deposits reached £80.9 billion at
the end of September. This is still around £3 billion lower
than the same time last year.
Since the end of the third quarter, it has been announced that
major South African banking group, FirstRand, has been issued a
licence for a Guernsey branch. It means that there are now 31
licensed banks in Guernsey. The new FirstRand operation will trade
as FNB Channel Islands and will launch formally next year.
Fiona Le Poidevin, Chief Executive of Guernsey Finance - the
promotional agency for the Island's finance industry, said:
"It is extremely encouraging that the value of bank deposits
in Guernsey has grown during the third quarter of the year.
Globally, banks have been operating in a low interest rate
environment and were
