Withdrawal of the Draft Bank Depositors Compensation (Jersey) Law 201- (FOI)Withdrawal of the Draft Bank Depositors Compensation (Jersey) Law 201- (FOI)
Produced by the Freedom of Information officeAuthored by States of Jersey and published on
16 November 2018.Prepared internally, no external costs.
Request
A ministerial decision (reference MD-C-2016-0132) was made on 16 December 2016 to approve the Draft Bank Depositors Compensation (Jersey) Law 201- (P.135/2016). It was lodged au Greffe on the 20th December 2016. On the 2 May 2017 the proposition was withdrawn.
Are you able to tell my why the proposition was withdrawn and whether it is intended to be redrafted or lodged again at a future date?
Response
P.135/2016 was withdrawn in order to allow further analysis to be carried out, in particular to compare the proposed Jersey deposit compensation legislation with emerging international best practice on deposit compensation, and reviewing the interaction between the deposit compensation legislation, the Bank (Recovery and Resolution) (Jersey) Law 2017 (Resolution Law) and the proposed creation of a resolution authority under the Resolution Law.
That work is ongoing. Once the work has been completed, revised legislation will be prepared and lodged.
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