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Jersey To Introduce Deposit Protection Scheme

by Robert Lee, Tax-News.com, London

21 November 2008


Proposals for a depositor compensation scheme in Jersey could be introduced early in 2009.

Following an announcement by the Chief Minister in October, work is progressing on the review of possible options for introducing a scheme to protect savers who deposit money in Jersey-based banks.

Independent economic consultant Oxera is conducting the review and aims to put together a set of options designed to serve Jersey’s long term interests. Oxera is working with Jersey's banks, government officers and the Jersey Financial Services Commission to collect the necessary information and is also looking at developments in other jurisdictions to see what Jersey can include from their schemes.

Director of International Finance for Jersey, Martin de Forest-Brown commented:

"Jersey is in a strong position; confidence in the Jersey banking system remains strong in the light of the explicit support for the parent banks by their national governments. However everyone involved in the review recognises that it should be completed as soon as possible, and we’re working hard to make that happen. We hope to have proposals on the table early in 2009."


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