Offshore accounts

expatasia

expatasia wrote: »

Spot a trend here?


The annual report of the Guernsey Financial Services Commission, where many popular offshore banks are based, reports that last year there were 38 banks licensed on the island and they had £111 billion on deposit, a fall of 5.4 per cent on the previous year. However, in 2008 there was £157 billion on deposit with 48 banks. Go back to 1990 and there were 72 banks licensed in Guernsey – but just £15.5 billion on deposit.

http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/8596205/Expat-rates-the-best-monthly-interest-accounts.html

rockitup wrote: »

interesting article there, 10 banks gone in 3 years from Guernsey. Landsbanki (Icesave) was one, Northern Rock (Guernsey) shut up shop, wonder who else departed?

Probably Isle of Man figures on deposits have suffered in a similar way too in last 3 years.

According to the latest figures from the Guernsey Financial Services Commission – the home of several of the offshore savings banks – deposits held by banks on the island at the end of June were £103.1 billion: 9.4pc, or £10.7 billion, lower than a year ago but up over the three months to June by 2.1pc.

Nearly a quarter of deposits in Guernsey banks were in sterling with US dollars accounting for 47.7pc and euro deposits taking an 18.5pc share.

In the Isle of Man, where most of the remaining expat banks are based, deposits fell by £400 million (0.85pc) over the three months to the end of June, to £46.9 billion.

Over the year to the end of June figures from the Isle of Man Financial Services Commission deposits fell by 3pc (£1.45 billion) compared with June 2011's figures.

At the end of 2008, there was £58.1 billion deposited with banks on the island.

http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/9559180/Expat-rates-the-ups-and-downs-of-just-a-few-months.html