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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 29/07 New
Lowtax Editor Column, by Kitty Miv |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu
, Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 19/07 Expats
Turn Backs On US Taxes, Tax-News.com |
| 16/07
Congress Approves US Financial Reform Bill, Tax-News.com |
| 15/07 New
Lowtax Editor Column, by Kitty Miv |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-News.com
Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
| 09/07
Antigua Pursuing Trade Sanctions Against US, Tax-News.com |
| 08/07 New
Lowtax Editor Column, by Kitty Miv |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 05/07
Australian Mining Tax Agreement Reached, Tax-News.com |
| 02/07 Online
Trading For Expats, Investors Offshore special feature |
| 29/06 EC
To Extend Common System Of VAT, Tax-News.com |
| 28/06
Lowtax Dubai, annual update |
| 25/06 Jersey
Considers Tax Future, Tax-News.com |
| 22/06 VAT
Hiked In UK Emergency Budget, Tax-News.com |
| 21/06 Steady
Progress In TPP Negotiations, Tax-News.com |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
| 14/06 Ethical
Moonshine, Penelope Wise blog entry |
| 11/06 Germany
Purchases Stolen Tax Data Disc, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 07/06 G-20
Shelves Global Bank Tax, Tax-News.com |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 31/05
OECD And EU Strengthen Tax Cooperation, Tax-News.com |
| 28/05
Lowtax Guernsey, annual update |
| 25/05
Lowtax Jersey, annual update |
| 24/05 Lithuania
Summary PBTG Guide, added to Personal Business Tax Guide |
| 21/05
Lowtax Liechtenstein, annual update |
| 18/05 Latvia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 17/05 Offshore
And The Euro, Jeremy Hetherington-Gore blog entry |
| 14/05 IO
Focus: Barbados, Investors Offshore special feature |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
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sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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Guernsey Set To Introduce Deposit Guarantee Scheme,
by Phillip Morton, Investors Offshore.com 27 October 2008
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Guernsey has taken the next step towards introducing a Depositors’ Compensation
Scheme with a compensation ceiling of GBP50,000, Guernsey Finance has announced.
On Thursday, the technical group working on the introduction of a scheme met
for the second time. This meeting was to consider an analysis of the deposit
base of all banks in Guernsey, which is essential in assessing the potential
costs of any scheme.
The group is chaired by Treasury and Resources Minister Charles Parkinson and
includes representatives of the Commerce and Employment Department, the Guernsey
Financial Services Commission (GFSC) and the Association of Guernsey Banks (AGB).
Deputy Parkinson said: “I believe that we have made significant progress
towards introducing a Depositors’ Compensation Scheme with a compensation
ceiling of GBP50,000, as is currently the case in the UK.”
He added: “We are considering schemes already in use in other small jurisdictions
and also introducing some of our own thinking.”
It has been agreed that the proposed scheme should:
- cover retail depositors, not companies and corporate deposits;
- cover Guernsey residents and non-residents;
- and that compensation would be due in respect of each licensed bank. Joint
account holders would both be eligible.
Those with deposits in Landsbanki Guernsey are not covered by the Depositor
Compensation Scheme nor covered under the UK compensations scheme, since administrators
took over on October 7 and any Guernsey scheme would not be retrospective. However,
the administrator has announced an interim payment of 30p in the pound and made
clear that the prospects for further repayments are good.
Charles Parkinson has stressed that Landsbanki
Guernsey’s assets exceed its liabilities and therefore while he cannot
say for certain that depositors will get all of their money back this remains
a strong possibility.
The Minister has expressed sympathy with the concern of depositors and highlighted
that the States of Guernsey is doing everything it can both locally and internationally,
including working at a high level with the UK Government, to ensure that the
interests of Landsbanki depositors are represented in meetings with the Icelandic
authorities.
The Guernsey Financial Services Commission has also written to the controllers
of Landsbanki Guernsey’s parent bank – the Icelandic regulators
– pressing for the bank to honour its commitments to meet the Guernsey
bank’s liabilities, including depositor liabilities.
Peter Niven, Chief Executive of Guernsey Finance, said:
“It is too early to tell what lasting effects this issue will have on
Guernsey’s reputation – that is something which we are watching
very closely. What we can say is that Guernsey has come in for criticism from
some quarters but its reputation is far from in tatters and this is particularly
evident when you place everything in context.”
“Together these banks hold GBP128bn worth of deposits. The maximum amount
in the retail sector (clearing and deposit taking banks) – and which would
be covered by a Depositors’ Compensation Scheme – is approximately
14% of the total, GBP17.8bn, with approximately GBP4bn of this in the deposit
taking banks. Therefore the bulk of deposits in Guernsey banks, 86% of the total,
are wholesale deposits in the ‘other banks’. They would not be covered
by a Depositors’ Compensation Scheme."
Niven concluded:
“What this demonstrates is that the vast majority of deposits in Guernsey
banks are effectively ‘non-retail’ and are made up of inter-bank
deposits, corporate deposits and deposits associated with other aspects of the
finance industry. Despite the size of this sector however the collapse of a
retail deposit taker is likely to have a much more significant effect on individual
depositors and Guernsey’s international reputation among this sector of
the Island’s client base.”
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