Jersey – in terminal decline

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Jersey just keeps on sinking, rapidly:

Bank deposits in Jersey fell during the second quarter of 2010 as global austerity measures affected the world’s financial markets.

The level of deposits held in local banks fell by six per cent in the three months to the end of June to £166.9 bn.

The drop was £10.7 bn. The value of funds under administration fell by 2.5 per cent from £180.5 bn to £175.9 bn – a drop of £4.6 bn. The total number of funds fell from 1,320 to 1,287.

Jersey can claim this is due to the recession – but this is their whole economy we’re talking about here. No economy can survive this level of decline for long.

My prediction that the place will go bust is looking increasingly correct as time passes.