 |
|
|
 |
|
| |
|
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| Guernsey Banking Deposits Fall In Q3 2009 |
by Amanda Banks, Tax-News.com, London
Thursday, December 24, 2009
Banking deposits in Guernsey fell by 2.3% during the third quarter of 2009, but
remained marginally up on Q3 2008. Core deposits amounted to GBP75.4bn at end-September
2009.
“What we can see is that core Guernsey bank deposits are in fact remaining
quite robust and have now reached a similar level to their value just prior
to the credit crunch and the subsequent financial crisis,” said Peter
Niven, Chief Executive of Guernsey Finance – the promotional agency for
the island’s finance industry.
Total bank deposits (also including Swiss fiduciary deposits) reached GBP120.2bn
at the end of September, down GBP4.4bn (3.5%) during the third quarter
of the year and reducing GBP36.8bn (11.8%) year-on-year.
Figures from the Guernsey Financial Services Commission (GFSC) show that a
major reason for the decline is the fall in Swiss fiduciary deposits. They stood
at GBP44.8bn at the end of September 2009, which is a reduction of 5.5% during
the third quarter and down 26.6% on the same time 12 months previously. The GFSC states that these
figures illustrate that this product remains relatively uncompetitive in a low
interest rate environment.
Niven added: “Looking at the data we can see that the continued decline
in total Guernsey bank deposits is being largely driven by one particular product
– the Swiss fiduciary deposits – and in fact others such as the
local interbank market are performing more resolutely. On top of this, it is
also positive to hear of signs that deposit levels were beginning to stabilize
during the last month of the quarter.”
.
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
LAWANDTAX-NEWS.COM
