Total deposits held with Guernsey banks at the end of September 2013 decreased 6.3% in sterling terms, by £5.6 billion from the end of June 2013 level of £89.7 billion, down to £84.1 billion. This leaves total deposits 13.3% lower than at the same time a year ago. Total assets and liabilities have decreased 5.9% by £7.0 billion to £109.9 billion over the quarter which is 10.9% lower than the level a year ago.
Swiss fiduciary deposits remain unattractive to customers in the continuing low interest rate environment. Swiss fiduciary deposits now represent 29.7% of all deposits, with six banks in Guernsey currently active in this area.
Sterling strengthened against the US Dollar, Euro and Swiss Franc which had a large negative effect on the level of deposits expressed in sterling. There was a large volume decrease during the quarter also contributing to the fall in deposits.
The proportion of deposits in US Dollars decreased slightly to 52.0%, Euro deposits decreased slightly to 12.5% and Swiss Franc deposits fell slightly to 2.4%. However, sterling deposits increased to 28.0%.
No new banking licences were issued during the quarter and none were surrendered.
A table is available here showing the level of the total deposits and total assets and the number of licensed institutions since 2003.
Jeremy Quick, Director of Banking and Insurance Supervision and Policy Division, commented:
“The latest quarterly figures show no change from the previous trend of a continuing decline in deposits due to global deleveraging. Total assets in sterling have now reduced by 39% from a peak in 2008”
Swiss fiduciary deposits remain unattractive to customers in the continuing low interest rate environment. Swiss fiduciary deposits now represent 29.7% of all deposits, with six banks in Guernsey currently active in this area.
Sterling strengthened against the US Dollar, Euro and Swiss Franc which had a large negative effect on the level of deposits expressed in sterling. There was a large volume decrease during the quarter also contributing to the fall in deposits.
The proportion of deposits in US Dollars decreased slightly to 52.0%, Euro deposits decreased slightly to 12.5% and Swiss Franc deposits fell slightly to 2.4%. However, sterling deposits increased to 28.0%.
No new banking licences were issued during the quarter and none were surrendered.
A table is available here showing the level of the total deposits and total assets and the number of licensed institutions since 2003.
Jeremy Quick, Director of Banking and Insurance Supervision and Policy Division, commented:
“The latest quarterly figures show no change from the previous trend of a continuing decline in deposits due to global deleveraging. Total assets in sterling have now reduced by 39% from a peak in 2008”