Guernsey Financial Services Commission Third Quarter 2002 Banking Sector Activity

Total deposits held with Guernsey banks at the end of September 2002 decreased in sterling terms by £2,414mn from the end of the June 2002 level of £74,235mn to £71,821mn. Total assets and total liabilities decreased in the third quarter in sterling terms by £2,470mn to £75,577mn.

The 3.3 % decrease in deposits in sterling terms reflects several factors at work. A significant part of the reduction in deposits when expressed in sterling was a result in exchange rate movements during the quarter following the strengthening of sterling against major currencies and this accounted for roughly £1.3bn of the decrease. When analysed in their underlying currencies there was a modest decrease in Euro deposits, a noticeable decrease in sterling deposits, but, by contrast, there was a small increase in USD deposits. However, underlying volume decreases accounted for another £1.1bn reduction.

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