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Designation of Jersey groups under Regulation 6 of the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 (“the DCS Regulations”)

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made 12 November 2009 regarding: Designation of Jersey groups under Regulation 6 of the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 (“the DCS Regulations”).

Decision Reference: MD-E-2009-0198 

Decision Summary Title :

Notice designating banking groups under the Depositors Compensation Scheme

Date of Decision Summary:

11 November 2009

Decision Summary Author:

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Notice designating banking groups under the Depositors Compensation Scheme

Date of Written Report:

10 November 2009

Written Report Author:

Finance Industry Development Executive

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:  

Designation of Jersey groups under Regulation 6 of the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 (“the DCS Regulations”).

Decision(s):

The Minister designated the banking groups set out in the attached Notice under Regulation 6 of the DCS Regulations and directed that the Notice be published on the States website and in the Jersey Gazette.  The Minister also requested the Jersey Financial Services Commission (“JFSC”) to publish the Notice on its website. 

Reason(s) for Decision:

The DCS Regulations came into force on 6 November 2009 and provide that the Minister may, for the purpose of calculating the levy and compensation to be paid in respect of associated banks, group banks. 

Resource Implications:

There are no measurable financial or manpower costs for the States or the JFSC. 

Action required:

Economic Development officers to take the steps relating to publishing the Notice as set out above.

Signature:  Senator A.J.H.Maclean   

Position: Minister for Economic Development 
 

Date Signed: 

Date of Decision (If different from Date Signed): 

Hide report
Designation of Jersey groups under Regulation 6 of the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 (“the DCS Regulations”)

MINISTER FOR ECONOMIC DEVELOPMENT (“The Minister”)  

NOTICE DESIGNATING BANKING GROUPS UNDER THE DEPOSITORS COMPENSATION SCHEME  
 

1 THE ISSUE AND RECOMMENDATION  

  1. The Banking Business (Depositors Compensation) (Jersey) Regulations 2009 (“DCS Regulations”) provide that the Minister may group banks for the purposes of the Depositors Compensation Scheme (“DCS”). 

 

  1. It is recommended that the Minister should designate the banking groups set out in the attached Notice (see Supporting Document 1); that his officials arrange for the Notice to be published on the States website and in the Jersey Gazette; and request the Jersey Financial Services Commission (“JFSC”) to publish the Notice on its website.

 

  1. GROUPING BANKS

 

  1. The DCS Regulations were approved by the States on 6 November 2009 and came into force immediately.  Under Regulation 6, the Minister may, for the purpose of calculating the levy and compensation to be paid in respect of associated banks, group banks. 

 

  1. The Minister may do so by Notice published in a manner that is likely to bring the notice to the attention of those affected by it.  It is considered that publication of the Notice on the States website, JFSC website, and in the Jersey Gazette, will achieve this.

 

  1. The Notice will designate 7 banking groups, with banks grouped based on the degree of association between them, e.g. where banks are under common ownership. 

 

  1. The JFSC has confirmed that the banking groups designated under the Notice accord with those that were applied in the economic analysis carried out by Oxera with regard to the DCS, updated to reflect a recent merger.

 
 

  1. RECOMMENDATION

 

  1. It is recommended that the Minister should designate the banking groups set out in the attached Notice (see Supporting Document 1); that his officials arrange for the Notice be published on the States website and in the Jersey Gazette; and request the Jersey Financial Services Commission to publish the Notice on its website.

 
 

Finance Industry Development Executive

10 November 2009

 

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