deposit liabilities at Bermuda's three banks increased by one percent ($9 million) during the first quarter of 1993.

Savings deposits stood at $244 million at March 31, 1993, virtually unchanged from the year-end 1992 figure of $243 million.

Demand deposits increased by 4.7 percent ($19 million), compared with a decrease of 5.2 percent ($22 million) in the preceding quarter, while time deposits declined by 3.5 percent ($10 million).

Total Bermuda dollar assets at March 31, 1993, at the banks stood at $824 million, compared with $804 million at the end of 1992. The BMA said the increase of $17 million was attributable to loans and advances and investments.

Foreign currency deposit liabilities decreased 6.9 percent ($417 million) during the first quarter to close at $5.634 billion.

Time deposits represented the largest decrease, falling from $4.229 billion in the preceding quarter to $3.983 billion, a decrease of 5.8 percent ($246 million).

There was a similar pattern with foreign currency assets held at the three banks, with a 25.5 percent ($284 million) drop in cash and demand deposits and a fall of 3.9 percent ($167 million) in time deposits.

Loans and advances went up by 7.9 percent ($30 million), resulting in a balance of $410 million.

Total liabilities and capital at Bermuda's three banks came to $8 billion, an overall decrease of 3.6 percent ($207 million) over the quarter.

High deposit interest rates offered by deposit companies resulted in further growth in customer deposits during the quarter, increasing by 6.6 percent ($53 million), compared with an increase of 4.4 percent ($34 million) in the preceding quarter.

Mortgages and loans increased by 3.6 percent ($23 million) to $664 million, while cash and time deposits went up by 13.5 percent ($29 million) to $244 million.

Deposit companies recorded a loan-deposit surplus of $193 million during the first quarter, compared with a loan-deposit gap of $163 million in the preceding quarter.

The loan-deposit ratio of the deposit companies fell to 77.5 percent during the quarter from 79.7 percent at year-end 1992.

The combined figures for the banks and deposit companies who that total deposit liabilities went up by 2.2 percent ($34 million) to $1.554 billion.