APPROVAL OF NEW NOTICE DESIGNATING BANKING GROUPS
WRITTEN REPORT TO THE MINISTER
Summary and recommendation
- 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
- 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.
- 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.
- 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
- 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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