The value of deposits held in Guernsey banks rise

Guernsey banks held £103bn at the end of June

The value of deposits held in Guernsey banks have risen.

Banks held £103bn at the end of June - compared with £101bn at the end of March.

But the figures from the Guernsey Financial Services Commission (GFSC) showed that was still 9.4% lower than the year before.

The figures also showed more of Guernsey's deposits were coming from Swiss banks, accounting for 34.7% of all deposits.

Philip Marr, director of banking at the GFSC, said the figures should be taken in isolation as there was still a long term downward trend.

He said: "On the face of it this is positive news... however, I would caution against relying on one quarter's data and concluding that we have turned a corner and resumed growth."