ARTICLE · 02 SEPTEMBER 2011

The Jersey Depositors Compensation

Collas Crill

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Collas Crill

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The Banking Business (Depositors Compensation) (Jersey) Regulations (the "Regulations") established a Jersey depositors compensation scheme (the "Scheme").

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Collas Crill

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Scheme

The Banking Business (Depositors Compensation) (Jersey) Regulations (the "Regulations") established a Jersey depositors compensation scheme (the "Scheme") designed to provide compensation to any person who has a bank account in Jersey with Jersey registered bank which enters bankruptcy. This has the effect of introducing a depositors compensation scheme equivalent to that in the United Kingdom.

Who is protected?

The Scheme will be available to any "eligible depositor" (wherever resident), defined as any person who is:-

1. a natural person with a deposit in a bank account in Jersey, where such deposit is held: (a) for the person's own benefit (i.e. not as trustee); or (b) for the benefit of a child for whom that person has parental responsibility; or

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The Jersey Depositors Compensation

Scheme

Who is protected?

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