Transfer of the Jersey Bank Depositors Compensation Scheme

Department	Department for the Economy
Start date	29/02/2024
End date	29/03/2024
Type of consultation	White paper
Deadline for comments	29/03/2024

About the consultation

We want your views on plans to transfer the functions of the Jersey Bank Depositors Compensation Scheme (“the DCS Board”) to the Jersey Resolution Authority.

We are proposing an amendment to the Bank (Recovery and Resolution (Jersey) Law 2017 (the “Resolution Law”) to transfer the functions of the DCS Board and necessary legislation establishing the Jersey Bank Depositors Compensation Scheme (“the Scheme”) currently contained in the Banking Business (Depositors Compensation) (Jersey) Regulations 2009.

We are also consulting on further proposals to:

make necessary changes to the DCS legislation to support the effective delivery of the Scheme
make necessary amendment to Article 72 of the Resolution Law to reflect its intended scope and to allow for effective application

We are not currently consulting on adjustments to the protected deposit value, adjustment to the liability cap or revisions to the eligible depositor definition.

We intend to transfer these functions by 1 January 2025.

Ahead of publication of this consultation, we have worked with representatives of the JRA, DCS and JFSC to inform the proposal.

Consultation: Transfer of the Jersey Bank Depositors Compensation Scheme

How to submit comments to the consultation

This consultation is now closed.

Data Protection

The information you provide will be processed in compliance with the Data Protection (Jersey) Law 2018.

Find more information in the Department for the Economy Privacy Notice.
The Government of Jersey may quote or publish responses to this consultation but will not publish the name and addresses of individuals without consent.

Types of publishing may include:

sending to other interested parties on request
sending to the Scrutiny Office
quoting in a published report
reporting in the media
publishing on the Government website
listing on a consultation summary

Confidential responses will still be included in any summary of statistical information received and views expressed.

Under the Freedom of Information (Jersey) Law 2011, information submitted to this consultation may be released if a Freedom of Information request requires it, but no personal data may be released.