Total deposits held with Guernsey banks at the end of September 2013 decreased 6.3% in sterling terms (£5.6 billion) down to £84.1 billion. This is down from a level of £89.7 billion at the end of the June 2013 quarter and down 13.3% from the same time a year ago.
Several factors appear to have contributed to this –
Jeremy Quick, Director of Banking and Insurance Supervision, commented – ‘The latest quarterly figures show no change from the previous trend of a continuing decline in deposits due to global deleveraging. The assets in sterling have now reduced by 39% from a peak in 2008.’