Guernsey´s Finance Industry Performing Robustly

Guernsey's finance industry is continuing to perform robustly despite the credit crunch, according to Peter Niven, Chief Executive of Guernsey Finance.

Figures released last week by the Guernsey Financial Services Commission (GFSC) show that the value of funds under management and administration in the Island grew by 1.7% over the quarter to the end of June and banking deposits fell by 1.1% during the same period.

"The figures show that flows of business into the Island have slowed over the past few months. This reflects the fact that in the wider markets there is less confidence as a result of the credit crunch. Not withstanding this, it is encouraging to see that overall Guernsey's finance industry continues to perform robustly," said Mr Niven.