Guernsey's Treasury and Resources Minister Deputy, Charles Parkinson, has chaired the first meeting of the technical group formed by the Policy Council to progress the development of a Depositors’ Protection Scheme for the island.
The meeting involved senior figures from the Association of Guernsey Banks and the Guernsey Financial Services Commission.
There was agreement on the principle of introducing a scheme, and legislation is currently being drawn up, with a view to announcing firm proposals before the States at its meeting in November.
Licensed banks in the island have been asked to produce some technical data which will assist in developing a scheme. They have been instructed to provide the information by Friday, October 17.
The group will meet again the following week.
Deputy Charles Parkinson commented:
"Personally I am prepared to do all I can to get a Depositors’ Protection Scheme in place by the end of the year. Our meeting today was very constructive and we have already identified possible ways forward for a bank-funded scheme.
"I am grateful to the representatives of the Association of Guernsey Banks for their supportive input and, even though there is still a lot of work to do, I believe we can progress our plans in time for a States debate in November," he added.
Alan Bougourd, committee member of the Association of Guernsey Banks, went on to say:
"Committee members of the Association of Guernsey Banks (AGB) met this morning with other participants of the Working Party charged with the introduction of a Depositors’ Protection Scheme (DPS) in Guernsey.
"Having previously had the benefit of being able to review and comment upon the GFSC’s Consultation Paper on the DPS, the key issues have already been identified. While a significant amount of data needs to collected and analysed, good progress has already been made towards the introduction of a DPS."
And Peter Neville, Director General of the Guernsey Financial Services Commission, concluded:
"The Commission very much welcomes the impetus that has been given to this essential initiative by the involvement of banks and the Government. We are playing our part by doing all we can to have the essential information available as soon as the banks can provide it."
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