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Guernsey Banking Sector Grows In Q3

by Jason Gorringe, Lowtax.net, London
18 November, 2014

The value of deposits held by banks in Guernsey grew by GBP3.5bn (USD5.5bn) during the third quarter of 2014, with Guernsey banks holding GBP80.9bn at the end of September.

Despite this successful quarter the value of bank deposits was GBP3bn, or 3.7 percent smaller than the same time last year.

In Q4, it was announced that major South African banking group, FirstRand, has been issued a license for a Guernsey branch. The bank will be Guernsey's 31st licensed bank and will trade as FNB Channel Islands from next year.

Fiona Le Poidevin, the Chief Executive of Guernsey Finance – the promotional agency for the island's financial services 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 deleveraging so it was not a surprise that the value of deposits held by Guernsey banks fell in the last few years."

"The latest statistics might indicate that the deleveraging process is now starting to slow, but equally there could also be foreign exchange factors at play, something which will only become clearer over time. It is difficult to get a clear picture from just a single quarter of information; nevertheless, it is comforting that the position has stabilized somewhat and that there was a rise in the three months to the end of September."

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