Movement in Island's Deposit Base

Published on: 31 May 2018

MOVEMENT IN ISLAND’S DEPOSIT BASE

31 March 2018

Deposits (net of local inter-bank placings) with Isle of Man offices of Isle of Man licensed deposit takers

Deposits fell by £0.54 billion (-1.51%) to £35.27 billion between 31 December 2017 and 31 March 2018.

Deposits in the year to 31 March 2018 fell by £4.47 billion (-11.25%) on the corresponding figure as at 31 March 2017.

Enquiries:

Andrew Kermode

Head of Division – Banking, Funds & Investments

Tel: +44 (0)1624 689320

May 2018

Notes to Editors

“Deposits” include intra-group borrowing that is not capital in nature.

The Alternative Banking Regime came into force on 1 August 2016. The figures relate to Class 1(1) banks only. No Class 1(2) licences had been issued as at 31 March 2018. 2) As at 31 March 2018 foreign currency deposits comprised 42.16% (£14.87bn) of total deposits (31 December 2017: 42.72% (£15.30bn)) as expressed in sterling equivalent. These deposits are primarily denominated in US dollars and Euro. The figures at 31 March 2018 compared to those at 31 December 2017 are influenced by exchange rate movements on a total foreign currency basis (GBP strengthened against USD by 3.7%, and against EUR by 1.79%).