The stability of Guernsey’s financial environment is demonstrated by the robust status of its bank deposits, according to Dominic Wheatley, Chief Executive of Guernsey Finance.
New figures from the Island’s regulator, the Guernsey Financial Services Commission, show that the value of deposits held by banks in Guernsey fell by GBP254 million (0.3%) during the first quarter of 2015, but this marginal decrease followed two consecutive quarterly increases at the end of 2014.
In addition, banking deposits reached GBP83.4 billion at the end of March 2015, representing a rise of GBP1.4 billion (1.7%) during the year.
Dominic Wheatley, Chief Executive of Guernsey Finance, says: “These figures show a rise in deposits over the past year and, as such, demonstrate the continued financial stability of the Island which has recently had its credit rating reaffirmed as AA+ by Standard & Poor’s. This is the highest that a jurisdiction such as Guernsey, without its own currency, can achieve under the prevailing rating agency methodology and S&P’s report highlights a number of Guernsey’s economic and financial strengths.
“The Island’s position as a leading international finance centre is underpinned by its banking sector and so it is pleasing to see the ongoing strength in deposits during the last few quarters being complemented by the announcement that FirstRand – South Africa’s largest bank by market capitalisation – is launching a Guernsey operation. I believe the statistics and the FirstRand announcement show that the Island continues to be a popular destination for banks and banking products as well as a stable home for deposits.”