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ARTICLE · 06 JANUARY 2010

It’s Pay-Back Time

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Following a political commitment at the height of the banking crisis last year, the establishment of a depositor compensation scheme for accounts held in banks in Jersey was in principle unanimously approved by the States Assembly on 15 July 2009.

JerseyFinance and Banking
Wendy Benjamin
Wendy Benjamin
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Following a political commitment at the height of the banking crisis last year, the establishment of a depositor compensation scheme for accounts held in banks in Jersey was in principle unanimously approved by the States Assembly on 15 July 2009.

The draft Banking Business (Depositors Compensation) (Jersey) Regulations 200- and various supplemental regulations will now be scrutinised and will be brought back to the States Assembly for a full debate later this year.

The stated aim of the proposed scheme is to provide depositors with compensation quickly in the unlikely event of a bank failure and thus to minimise hardship by enabling depositors to carry on with their everyday economic activities.

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