* Guernsey Banks Set New Deposit HighFigures released by the Guernsey Financial Services Commission last week show that the total value of deposits held with Guernsey banks reached a record GBP89.3bn at the end of June.
That represents an increase during the quarter of GBP3.7bn or 4.3% from the GBP85.6bn held at the end of March 2006 - the previous high - and a rise of 23% year on year.
"This is yet again excellent news," announced Peter Niven, Chief Executive of GuernseyFinance, the Island’s promotional agency for the finance industry.
"These quarterly figures are particularly impressive given that they come on the back of sustained growth during the previous two years and the negative exchange rate effect caused by the strengthening of sterling against the major currencies. It just demonstrates the continued robustness of this mature sector of the Island’s finance industry," he added.
Mr Niven explained that the strong rise in deposits from corporate customers during the quarter reflects the general trend in Guernsey that the growth in the volume of institutional business is outstripping that of retail, but he reinforced that the latter remained an important component of the Island’s banking sector.
During the same quarter, as was announced earlier this week, the value of funds being administered and managed in Guernsey also reached record levels - nearly GBP115bn, a rise of 37% year on year.