Guernsey bank deposits fall by £5bn

The value of deposits held by banks in Guernsey fell by £5bn (4.3%) during the final quarter of last year.

Guernsey Finance said the total value of deposits at the end of December was £111bn.

The organisation, which promotes the island's finance industry, said the amount deposited had contracted by £6.4bn (5.4%) over the year.

Peter Niven, Guernsey Finance's chief executive, said the fall was disappointing but not a surprise.

He said the current low interest rate environment and the effects of exchange rate movements were the "principal contributing factors".