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ARTICLE · 26 JANUARY 2022

Jersey's Bank Recovery And Resolution Law

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The Bank (Recovery and Resolution) (Jersey) Law 2017 (the Law) will, save for article 72, come into force on 31 January 2022.

JerseyFinance and Banking
Matthew Shaxson
Matthew Shaxson
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The Bank (Recovery and Resolution) (Jersey) Law 2017 (the Law) will, save for article 72, come into force on 31 January 2022.

What is it?

The Law will provide a new bank resolution regime reflecting the international legislation implemented in response to the financial crisis of 2008 and 2009, namely the EU Bank Recovery and Resolution Directive (2014/59) and the UK's Banking Act 2009 (as amended).

The Law aims to ensure the continuity of critical banking functions to preserve financial stability and to protect public funds by mitigating the use of public finances to support failing banks. Its principal objectives are:

  • to ensure that Jersey can assist a foreign jurisdiction in respect of resolution action being taken on a failing bank conducting business in Jersey; and

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