Feb 2010:
Total bank deposits in Jersey, Guernsey and the Isle of Man have dropped to levels not seen for several years as depositors have sought better returns for their money than the offshore banks are offering.
The declines occurred even though money held in a currency that strengthened relative to the pound would show up as having increased in value in sterling terms.
At the end of September, Jersey’s 47 registered banks had £170.6bn on deposit, the lowest figure since the first quarter of 2005. This was 2% lower than the end of June, and 13.4% below a year earlier.
Guernsey saw a similar pattern. Total bank deposits dropped by 3.5% in Q3 2009 and 11.8% from a year earlier, Guernsey Financial Services Commission figures showed.
Total deposits were £120.2bn at the end of the quarter, from £124.6bn at the end of June and £136.3bn a year earlier.
Deposits in the Isle of Man dropped by 0.2% over the third quarter and 4.4% from a year earlier, sinking to their lowest level in two years. Total deposits on 30 Sept stood at £63.34bn, from £63.46bn at the end of June and £66.26bn a year before. Data on offshore bank desposits in Gibraltar is still outstanding.
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