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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Jersey Bank Deposit Compensation Board: Banking Groups Designation

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A decision made 15 July 2015:

MINISTERIAL DECISION REFERENCE: MD-C-2015-0087

DECISION SUMMARY TITLE:  Approval of new notice designating banking groups

DECISION SUMMARY AUTHOR:

Director, Finance Industry Development, Financial Services Unit

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Report to notice designating banking groups

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

Director, Finance Industry Development, Financial Services Unit

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

Acting under delegated powers from the Chief Minister who is carrying out the functions of the Jersey Bank Deposit Compensation (the “Board”), the Assistant Chief Minister approved the banking groups and requested the publication of a notice on the website of the Jersey Bank Depositors Compensation Board (the “Board”) and the States of Jersey.

 

The Jersey Financial Services Commission has agreed that the following banking groups and their successors in title are the current banking groups operating in Jersey:

 

HSBC Bank International Limited
HSBC Bank Middle East Limited
HSBC Bank Plc, Jersey Branch
 

Lloyds Bank Plc, Jersey Branch
Lloyds Bank International Limited

 

Barclays Bank Plc, Jersey Branch
Barclays Private Clients International Limited, Jersey Branch

 

National Westminster Bank Plc
The Royal Bank of Scotland International Limited
The Royal Bank of Scotland Plc

 

Citibank (Channel Islands) Limited
Citibank N.A., Jersey Branch
Citicorp Banking Corporation, Jersey Branch

 

Abbey National International Limited
Santander UK plc, Jersey Branch

 

BNP Paribas S.A, Jersey Branch
BNP Paribas Securities Services S.C.A, Jersey Branch

 

The Minister has the power to group banks and the reason for the Decision is that the existing list and notice needs updating.

 

RESOURCE IMPLICATIONS:

There are no resource implications.

ACTION REQUIRED:

The Assistant Chief Minister approved the notice of the designation of banks and requested officers to make the necessary arrangements to publish the notice on the relevant websites.

SIGNATURE:

 

 

 

POSITION:

 

SENATOR P.F.C. OZOUF

ASSISTANT CHIEF MINISTER OF JERSEY

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

Jersey Bank Deposit Compensation Board: Banking Groups Designation

 

 

 

 

 

 

APPROVAL OF NEW NOTICE DESIGNATING BANKING GROUPS

WRITTEN REPORT TO THE MINISTER

 

 

Summary and recommendation

 

  1. There has been one change to a bank within the banking groups in Jersey.  Accordingly it is recommended for the purposes of the Deposit Compensation Scheme that the banking groups are amended and the Minister is asked to approve the new banking groups and to request the Board to publish the notice on the Board’s website

 

Banking groups

 

  1. Under Regulation 6(1) of the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 (“the DCS Regs”), the Minister has the power to group banks for the purposes of the annual administration levy, the compensation levy, and the compensation to be paid in respect of associated banks. 

 

  1. Under Regulation 6(2) the Minister may group banks by giving notice published in a manner that in the opinion of the Minister is likely to bring it to the attention of those affected by it.  It is considered that publishing the notice on the Board’s website is the best method of bringing the notice to the attention of those affected and is in accordance with practice adopted at the Jersey Financial Services Commission (“the JFSC”) regarding publishing notices.

 

  1. The new banking groups have been confirmed by the JFSC as follows:

 

HSBC Bank International Limited
HSBC Bank Middle East Limited
HSBC Bank Plc, Jersey Branch
 

Lloyds Bank Plc, Jersey Branch
Lloyds Bank International Limited

 

Barclays Bank Plc, Jersey Branch
Barclays Private Clients International Limited, Jersey Branch

 

National Westminster Bank Plc
The Royal Bank of Scotland International Limited
The Royal Bank of Scotland Plc

 

Citibank (Channel Islands) Limited
Citibank N.A., Jersey Branch
Citicorp Banking Corporation, Jersey Branch

 

Abbey National International Limited
Santander UK plc, Jersey Branch

 

BNP Paribas S.A, Jersey Branch
BNP Paribas Securities Services S.C.A, Jersey Branch

 

Recommendation

 

  1. As a result of the comments above, it is recommended that the Minister approves the new banking groups and requests the Board to publish the notice set out at Appendix A on the website.

 

 

Director, Finance Industry Development

9 July 2015

 


 

 

 

NOTICE GROUPING BANKS

BANKING BUSINESS (DEPOSITORS COMPENSATION) (JERSEY) REGULATIONS 2009

 

The Chief Minister under the powers contained in Regulation 6(1) of the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 (“the DCS Regs”) has decided to group banks for the purposes of the annual administration levy, the compensation levy, and the compensation to be paid in respect of associated banks. 

 

The new banking groups are the following banks and their successors in title as stated at 3 July 2015:

 

HSBC Bank International Limited
HSBC Bank Middle East Limited
HSBC Bank Plc, Jersey Branch
 

Lloyds Bank Plc, Jersey Branch
Lloyds Bank International Limited

 

Barclays Bank Plc, Jersey Branch
Barclays Private Clients International Limited, Jersey Branch

 

National Westminster Bank Plc
The Royal Bank of Scotland International Limited
The Royal Bank of Scotland Plc

 

Citibank (Channel Islands) Limited
Citibank N.A., Jersey Branch
Citicorp Banking Corporation, Jersey Branch

 

Abbey National International Limited
Santander UK plc, Jersey Branch

 

BNP Paribas S.A, Jersey Branch
BNP Paribas Securities Services S.C.A, Jersey Branch

 

 

Notice ends

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