JERSEY’S bank deposits grew by £9 billion in the three months to December, despite the global downturn.
But the good news is due to the low value of sterling against other currencies such as the euro and US dollar, rather than an increase in business, say analysts.
The latest statistics show that bank deposits in the Island reached £206 billion at the end of December, up from £196.9 billion at the end of September, of which 68% is in non-sterling currency.
The net asset value of funds under administration also went up during the quarter, from £239.9 billion to £241.1 billion.
Geoff Cook, the chief executive of Jersey Finance, said that the higher value of foreign currencies ‘substantially masked’ the downturn during the last three months of 2008.
• Picture: Geoff Cook