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Banking total adds gloss to Guernsey fund success

Banking statistics announced this week are further evidence of a great year for Guernsey, according to GuernseyFinance chief executive Peter Niven.

Deposits held with Guernsey banks at the end of September 2005 increased in sterling terms by GBP 4,700 million. to reach a new high of GBP 77,458 million at 30 September 2005 -- an increase of 6.5 per cent over the second quarter.

"After the announcement earlier this month that funds under management and administration are heading for GBP 100 billion by the end of the year, these superb banking figures are further cause to celebrate," says Niven.

He is confident that continued growth in the final quarter of this year will reflect the optimism being expressed across Guernsey's financial sectors.

"These banking results bear out not only all the business coming into the banks from outside the island but also the substantial business coming from the other booming sectors within Guernsey, like funds,' he says. "Overall it paints a very positive picture of Guernsey's financial services industry as we come towards the close of 2005.

"Once again these results would indicate that the introduction of the Savings Tax Directive in July 2005 has not had the impact that some people feared."

To access the hedgeweek special report on Guernsey, please click here

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