Faroese banks held 3.7 billion kroner more in deposits than loans

Faroese banks had 3.7 billion kroner more in deposits than loans in August, KVF reported, citing Landsbankin.

Total deposits were 27.2 billion kroner, while loans stood at 23.5 billion kroner. The surplus measures money held in accounts at Faroese financial institutions after loans are deducted, including foreign branches.

Growth in household deposits, which rose 7.6 per cent in August, helped drive the increase in deposits, Landsbankin said.