The value of deposits held by banks in Guernsey grew by £3.5 billion ($5.4) or 4.5% during the third quarter of the year, the Guernsey Financial Services Commission (GFSC) has announced.

Figures from the GFSC show that the value of bank deposits reached £80.9bn at the end of September, from £77.4bn in June 2014. However, the current value is still approximately £3bn lower than the same time last year (£84bn), the GFSC also said.

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Fiona Le Poidevin, chief executive of Guernsey Finance 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."

 

Source: GUERNSEY FINANCIAL SERVICES COMMISSION

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Since the end of the third quarter, South African banking group, FirstRand, has received a licence for a Guernsey bank branch, taking the number of licenced banks in the jurisdiction to 31. The FirstRand operations in the region will trade as FNB Channel Islands and will launch formally in 2015.

Le Poidevin added: "FirstRand is South Africa’s largest bank by market capitalisation and so to have it launching a Guernsey operation is a major endorsement of our banking sector. It also enhances FirstRand’s presence in Guernsey as it already provides a wide range of fiduciary services through FNB International Trustees Limited – the specialist international offshore service provider of the FirstRand Group."