30-Mar-2016: Liquidators' Update, see Deloitte site

Jersey Depositor Compensation Scheme Approved

The States Assembly has approved the principle that a Depositor Compensation Scheme (DCS) will be brought into law in Jersey.

The House voted unanimously for the principle of a permanent, standalone DCS that will be activated in the unlikely event that a Jersey-registered bank failed. The aim of the scheme is to provide depositors with compensation quickly, minimising hardship by enabling depositors to carry on with their everyday economic activities.

It will provide full protection for private individuals up to a maximum of £50,000 per person, per Jersey banking group, whether or not the depositor is resident in Jersey.

The details of the legislation will now be scrutinised, and will be brought back to the House later this year for a full debate.  Jersey Finance website, Economic Development Department - Depositor Compensation Scheme - 16-Jul-09.