Offshore Accounts

Safe Banking?

Jersey DCS

Island 'dragging heels' on bank deposit scheme
Jersey Evening Post,
16-Jan-09

Depositor protection scheme 'could be a burden on firms'  
Jersey Evening Post,
17-Feb-09

Island debates savings protection 
BBC,
2-Jun-09

'Let banks pay'  
Jersey Evening Post,
2-Nov-09

Protection in place for depositors' cash  
Jersey Evening Post,
9-Nov-09

No guarantee of any swift action from the States
Jersey Evening Post,
14-Nov-09

Jersey

Depositor Compensation Scheme

Island 'dragging heels' on bank deposit scheme Jersey Evening Post, 16-Jan-09

Depositor protection scheme 'could be a burden on firms' Jersey Evening Post, 17-Feb-09

Island debates savings protection BBC, 2-Jun-09

'Let banks pay' Jersey Evening Post, 2-Nov-09

Protection in place for depositors' cash Jersey Evening Post, 9-Nov-09

No guarantee of any swift action from the States Jersey Evening Post, 14-Nov-09

After much debate Jersey finally enacted a depositor compensation scheme in November 2009.

Jersey government Deposit Protection

The Jersey DCS protects deposits up to 50,000 per person.  However, the total payouts from the scheme are capped at 100 million in any five year period, so if the claims on the scheme exceed that amount then the compensation paid to depositors would be reduced. Jersey Government

This means that even if your money is in a smaller bank it would be unlikely that you would receive the "headline" compensation, and if two banks went under within five years of each other, the depositors in the second one would receive nothing.

Total deposits held with the 47 Jersey banks at the end of 2008 stood at 206 billion, an average of 4,385 million per bank. Jersey Financial Services Commission

Security for our savings Jersey Evening Post, 7-Oct-08

Saving protection scheme outlined BBC, 8-Oct-08

Saving scheme debate is planned BBC, 9-Dec-08

Government Support

There have been no recent bank collapses in Jersey, so the willingness of the government to help savers in failed banks in their jurisdiction is untested.

However, in October 2008 the Jersey government announced that it was committed to protecting the deposits of Jersey residents although not those of non-residents.

State of Government Finances

Rainy day fund to 'backstop' savings Jersey Evening Post, 7-Oct-08

With a "rainy day" fund of 600 million, Jersey has the largest reserves of the Crown Dependencies, however the Chief Minister has stated that this would only be used to to repay savers resident on Jersey, should a bank fail.

Please see www.SafeOffshoreAccounts.com for further references.

Government Support

Security for our savings 
Jersey Evening Post,
7-Oct-08

Rainy day fund to 'backstop' savings 
Jersey Evening Post,
7-Oct-08

Saving protection scheme outlined  
BBC,
8-Oct-08

Saving scheme debate is planned  
BBC,
9-Dec-08

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