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Guernsey Banking Deposits Fall In Q1

by Jason Gorringe, Lowtax.net, London
14 May, 2015

Guernsey's financial services regulator, the Financial Services Commission, has released new statistics showing that the value of deposits held by banks in Guernsey fell by GBP254m (USD401m), or by 0.3 percent, during the first quarter of 2015.

Dominic Wheatley, Chief Executive of Guernsey Finance - the promotional agency working on behalf of the island's financial services industry, was upbeat about the performance, noting that the marginal decrease follows two consecutive quarterly increases at the end of 2014.

Banking deposits reached GBP83.4bn at the end of March 2015, representing a year-on-year increase of GBP1.4bn (1.7 percent).

Wheatley said: "These figures show a rise in deposits over the past year and, as such, demonstrate the continued financial stability of the island, which has recently had its credit rating reaffirmed as AA+ by Standard & Poor's. This is the highest that a jurisdiction such as Guernsey, without its own currency, can achieve under the prevailing rating agency methodology and S&P's report highlights a number of Guernsey's economic and financial strengths."

"The island's position as a leading international finance center is underpinned by its banking sector and so it is pleasing to see the ongoing strength in deposits during the last few quarters being complemented by the announcement that FirstRand - South Africa's largest bank by market capitalization - is launching a Guernsey operation. I believe the statistics and the FirstRand announcement show that the island continues to be a popular destination for banks and banking products as well as a stable home for deposits."

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