Drop in bank deposits
Friday 19th June 2009, 3:00PM BST.
Jersey Finance chief executive Geoff Cook
THE latest statistics for the Island’s finance industry show a marked decline in both bank deposits and funds.
In the three months to 31 March, bank deposits fell by £10.1 billion to £195.9 billion. The net asset value of funds under administration decreased by £26 billion to £215.1 billion over the quarter and the total number of funds fell by 59. Company registrations were down by 24.4 per cent compared to the same period last year.
The chief executive of Jersey Finance, Geoff Cook, said ‘The reduction in bank deposits caused by the slowdown in global financial markets was predicted in our year-end assessment but was previously masked by the effect of currency movements in the last quarter of 2008. Bank deposits held up well, given the general trends around the world.’
Mr Cook added that the recent announcement that the Island would have a depositor compensation scheme had ‘bolstered Jersey’s appeal as a leading international banking centre’.
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Well this just proves we need a finance district to support our thriving, well regulated, world class and transparent finance industry.
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The end of the finance industry and a return to moral values – we can but hope!!!!
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Hey Mogit who is “WE”? The Tax Justice Network? ATTAC? The limited number of locals that do not understand the importance of the finance industry? If it went people would resort to immoral earnings not moral earnings because money availability would plummet. Its not rocket science.
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So if all the tax dodgers took their money away from Jersey because they could no longer hide it from their own tax authorities.. how much of a “moral” industry would we have then? An adjustment is coming whether we deny it or not.
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Funny, Geoff Cook forgot to mention the Lansdbanki Guernsey effect on Channel Islands deposits. That must have been a big part of the reason for the plunge: crisis of confidence.
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