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ARTICLE · 15 SEPTEMBER 2021

Bank Recovery And Resolution: Progress

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The Jersey Financial Services Commission (JFSC) announced on 10th September 2021 that it has been asked by the Jersey Government to support with establishing the Jersey Resolution Authority (JRA) ...

JerseyFinance and Banking
Andrew Weaver
Andrew Weaver
Gemma Whale
Gemma Whale
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The Jersey Financial Services Commission (JFSC) announced on 10th September 2021 that it has been asked by the Jersey Government to support with establishing the Jersey Resolution Authority (JRA) under the Bank (Recovery and Resolution) (Jersey) Law 2017.

The Bank (Recovery and Resolution) (Jersey) Law 2017

The Bank (Recovery and Resolution) (Jersey) Law 2017 (the Law) was passed by the Jersey States Assembly on 14 February 2017 and registered in the Royal Court on 12 May 2017, but it has yet to come into force.

Essentially, the Law seeks to: (i) protect public funds (i.e. the taxpayer) by limiting reliance on government bail-outs; and (ii) protect bank customer deposits. Jersey will be able to assist a foreign jurisdiction where equivalent bank resolution action has been taken against an international bank that happens to also have a business in Jersey. It will also enable Jersey to intervene in the affairs of a failing local Jersey bank. Although no banks

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