Depositors Compensation Scheme: Updated Notice Designating Banking Groups

Information about the publication of Ministerial Decisions

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demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision
providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

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A decision made on 27 July 2012:

Decision Reference: MD-E-2012-0087

Decision Summary Title :

Notice designating banking groups under the Depositors Compensation Scheme

Date of Decision Summary:

July 2012

Decision Summary Author:

Director, Finance Industry Development

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:

July 2012

Written Report Author:

Director, Finance Industry Development

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:

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

Decision(s):

The Chief 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 so as to bring it to the attention of those affected by it.

The Chief Minister is acting on behalf of the Minister for Economic Development in accordance with Article 27(2)(a) of the States of Jersey Law 2005.

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. This Notice updates and replaces the Notice published in November 2009.

Resource Implications:

There are no financial or manpower implications for the States or the JFSC. The Notice will affect the amount of funding derived from bank levies received by the Jersey Bank Depositors Compensation Board as grouped banks are regarded as a single bank for the purposes of paying these levies.

Action required:

Economic Development officers to take the steps relating to publishing the Notice so as to bring it to the attention of those affected by it.

Signature:

Senator I Gorst

Position:

Chief Minister

Date Signed:

Date of Decision (If different from Date Signed):