§ Mr. MitchellTo ask the Chancellor of the Exchequer what estimate he has made of the sterling liabilities of offshore banking in(a) Jersey, (b) Guernsey and (c) the Isle of Man in 1999. [119239]
§ Mr. TimmsThe information requested falls within the responsibility of the Director of the Office for National Statistics. I have asked him to reply.
576WLetter from John Kidgell to Mr. Austin Mitchell, dated 19 April 2000:
The Director of the Office for National Statistics (ONS) has been asked to reply to your recent question on the sterling liabilities of the Channel Islands and Isle of Man. I am replying in the Director's absence.Offshore residents are excluded from the definition of the UK for the purposes of BoP estimates. Therefore estimates of offshore banking financial liabilities are not made centrally.
§ Mr. MitchellTo ask the Chancellor of the Exchequer what estimate he has made of the annual growth of UK residents' sterling deposits(a) onshore and (b) offshore to Jersey, Guernsey and the Isle of Man for each year from 1996. [119234]
§ Miss Melanie JohnsonThe information requested falls within the responsibility of the Director of the Office for National Statistics. I have asked him to reply.
Letter from John Kidgell to Mr. Austin Mitchell, dated 19 April 2000:
The Director of the Office for National Statistics (ONS), has been asked to reply to your recent question on UK residents sterling deposits onshore and offshore. I am replying in the Director's absence.The table below gives the annual percentage growth for UK residents sterling deposits with UK monetary financial institutions (UK banks and UK building societies). Estimates for UK residents sterling deposits with offshore monetary financial institutions are not made centrally.
End year Percentage growth 1996 9.8 1997 14.3 1998 6.7 1999 2.4 Source:
ONS Sector and Financial Accounts
§ Mr. MitchellTo ask the Chancellor of the Exchequer what assessment he has made of the effect on sterling M4 and the UK money supply of British money flowing out to offshore financial institutions in Jersey, Guernsey and the Isle of Man in the last three years. [119233]
§ Mr. TimmsData on sterling M4 deposits at Channel Islands and Isle of Man institutions are published by the Bank of England in Table 8 of "Monetary and Financial Statistics". The stock data for sterling private sector deposits—the main component of M4—as at end December each year were:
£million 1997 19,543 1998 22,356 1999 23,755
§ Mr. MitchellTo ask the Chancellor of the Exchequer how monetary policy is coordinated between the United Kingdom, Jersey, Guernsey and the Isle of Man. [119240]
§ Mr. TimmsAlthough the authorities in the Channel Islands and the Isle of Man issue their own notes and coins, the currency used in these jurisdictions is sterling. As a result, the issue of monetary policy co-ordination does not arise.
577W
§ Mr. MitchellTo ask the Chancellor of the Exchequer who receives the seigniory profit on the note issues of(a) Jersey, (b) Guernsey and (c) the Isle of Man. [119238]
§ Mr. StrawI have been asked to reply.
The authorities in Jersey, Guernsey and the Isle of Man issue their own notes. I understand that the profits from these note issues accrue respectively to the States of Jersey and Guernsey and to the Isle of Man Government.