Guernsey banks have set another new high for deposits at £89.3bn, however in Jersey, the aggregate v...
Guernsey banks have set another new high for deposits at £89.3bn, however in Jersey, the aggregate value of bank deposits decreased by £4.3bn to £183.7bn.
Figures released by the Guernsey Financial Services Commission show that the total value of deposits held with Guernsey banks reached a record £89.3bn at the end of June.
That is an increase during the quarter of £3.7bn or 4.3% from the £85.6bn held at the end of March 2006 -- the previous high - and a rise of 23% year-on-year.
In Jersey, Beverley Le Cuirot, director of marketing and communications of Jersey Finance, said the £4.3bn decrease in bank deposits in the second quarter was due primarily to a specific reallocation of certain intra-group currency deposits by banking institutions as part of a wider group reorganisation that had been planned for several months.
She added the transaction is not expected to have a material impact on either the scale of the institution's operational presence in Jersey or the total revenues and profitability of its Jersey-based operations.
Guernsey deposits increase as Jersey deposits shrink
No major cause for concern in Jersey
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