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Guernsey's Expertise Sought By UK Treasury Committee

by Robert Lee,, London

03 December 2008

Guernsey has been invited to make a representation to the UK Treasury Select Committee inquiry on the global banking crisis following the committee’s announcement asking for opinions on where ‘lessons from the banking crisis’ could be learned.

The Treasury Select Committee has four key areas for its review, including: securing financial stability; protecting the taxpayer; protecting consumers and protecting shareholders interests. The States of Guernsey has been asked to comment specifically on the protection of UK citizens investing funds in non-UK jurisdictions.

Chief Minister Deputy Lyndon Trott has volunteered himself to appear before the Select Committee in person when hearings start early next year.

“The terms of this review are very broad and many areas do not concern Guernsey or our finance industry,” he said, adding: “But it is entirely appropriate that we should make a contribution which I hope will reinforce once again the role that Guernsey’s financial services sector plays in international finance, and particularly the relationship with the UK and the City of London.”

The Chief Minister also plans to bring up issues surrounding the Depositor Compensation Scheme to ensure that precautions are in place if similar events happen in the future.

“It is entirely appropriate that our financial services industry remains internationally competitive and our Depositor Compensation Scheme will help in that regard.”

The Treasury Select Committee, chaired by Labour MP John McFall, a previous visitor to Guernsey, is already considering evidence received as part of its Banking Crisis inquiry (on the role of accounting standards, the nationalised banks, and executive remuneration and incentive structures).

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