Deposits down by £21.7bn

Tuesday 15th September 2009, 2:59PM BST.

Jersey Finance chief executive Geoff Cook

BANK deposits in the Island have decreased by more than £21 billion during the second quarter of this year, as a result of the global economic crisis.

Figures released by the Jersey Financial Services Commission also show that the value of funds under investment management have decreased by more than £0.5 billion during the three month period.

The statistics have been collated by the Commission for the period ending 30 June and show that bank deposits have decreased by £21.7 billion to £174.2 billion.

However, Jersey Finance chief executive Geoff Cook said that the decline is largely as a result of currency fluctuations, as opposed to a ‘substantial loss of banking business’.

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