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| Jersey Introduces Deposit Protection For Island Banks |
by Amanda Banks, Tax-News.com, London
Wednesday, November 11, 2009
Jersey’s States Assembly has approved legislation to establish a Depositors
Compensation Scheme (DCS) in the island with immediate effect.
The key features of the DCS are that:
- It provides protection of up to GBP50,000 per person, per Jersey banking
group, for local and international depositors in line with international standards;
- An interim payment of up to GBP5,000 will be made within seven working days
and the balance of compensation within three months;
- The GBP50,000 limit will apply per person, so a GBP100,000 deposit held
in a joint account by two people would be completely covered;
- The DCS will be operated by an independent Board that will be appointed by the
States as soon as possible;
- The maximum liability of the DCS will be capped at GBP100m in any five-year
period, in line with the Guernsey scheme; and
- The majority of the cost of the compensation will be borne by the banking
industry, with the States making up any shortfall. In most cases, the DCS
would be funded solely by levies on the banking industry with any States contribution
being fully repaid from the liquidation proceeds.
The DCS was designed according to the findings of expert economic analysis
of the Jersey banking sector by Oxera, and, according to Jersey's government, the scheme is "robust, competitive
and credible."
Welcoming the introduction of the DCS, the Minister for Economic Development,
Senator Alan Maclean, said: “We have always believed that the best protection
for depositors lies in the strength of Jersey's banks, all of which are in the
top 500 banking groups in the world; and in our sound regulatory position, which
is designed to prevent the bank failure occurring in the first place.”
“However, it is important to be able to provide depositors with the additional
reassurance that this statutory Depositors Compensation Scheme will give. This
scheme provides an appropriate level of protection for depositors and meets
the latest international standards.”
A comprehensive report in our Intelligence Report series,
analysing the situation on the ground in each of the main offshore banking centres,
is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
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