Recession hits level of deposits
Thursday 9th September 2010, 3:00PM BST.
Jersey Finance chief executive Geoff Cook
BANK deposits in Jersey fell during the second quarter of 2010 as global austerity measures affected the world’s financial markets.
The level of deposits held in local banks fell by six per cent in the three months to the end of June to £166.9 bn.
The drop was £10.7 bn. The value of funds under administration fell by 2.5 per cent from £180.5 bn to £175.9 bn – a drop of £4.6 bn. The total number of funds fell from 1,320 to 1,287.
Jersey Finance chief executive Geoff Cook said that much of the reduction was due to the effects of what was happening in the wider world.
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Really? Have bank deposits fallen by 6% in one quarter in the “wider world”?
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Why? people have moved into cash not away from it. Better look again at the excuse!
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Has anyone noticed a trend.
When quarterly figures go up, it’s due to the efforts of the finance industry and marketing by Jersey Finance.
When figures go down it’s due to the recession, global trends, exchange rates etc.
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If this drop is down to the wider global slowdown why are deposits in Guernsey at RECORD highs ???
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Obviously down to international shafting.
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“If this drop is down to the wider global slowdown why are deposits in Guernsey at RECORD highs ???”
Ah, that is the magic of Jersey Finance, you!
Thankfully we have Mr Cook to explain it to us
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I see that Jersey Finance have been given an extra £700,000. I hope that their marketing is better than the above excuse for falling deposits.
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