Financial sector of Guernsey is focused on providing the following financial services:
Banks in Guernsey are mainly focused on the following areas:
Guernsey Financial Services Commission
Currently there are 23 credit institutions operating in Guernsey.
In 2016 consolidated banking assets in Guernsey were 119.72 bln GBP. The consolidated banking assets' evolution is shown at Chart 1 below.
Chart 1. Consolidated banking assets in Guernsey.
All the credit institutions operating in Guernsey can be classified into several categories. Table 1 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||14|
Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Guernsey are summarised in Table 2.
Table 2. Deposit guarantee scheme in Guernsey.
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Foreign currency deposit ceiling for Guernsey is Aaa (prime).