|Department||Office of the Chief Executive|
|Type of consultation||Other|
|Deadline for comments||13/04/2016|
About the consultation
Jersey is developing a new bank resolution regime (Jersey Resolution Regime) that will fall in line with international developments.
The aims are to:
- ensure the continuity of critical banking functions
- avoid adverse effects on financial stability
- protect public funds by minimising reliance on public financial support to failing banks and to protect covered depositors and clients’ assets
The international standards state that "in order to avoid moral hazard, any failing bank should be able to exit the market, irrespective of its size and interconnectedness, without causing systemic disruption".
This draft Bank (Recovery and Resolution) (Jersey) Law 201- closely follows the European Union’s Bank Recovery and Resolution Directive 2014 / 59 / EU (BRRD) and the change of the Banking Act 2009 into the law of England and Wales (Banking Act) for the sake of consistency and to follow international standards.
We want your comments on the proposed draft law before it is submitted to the States of Jersey for debate.
Download Bank (Recovery and Resolution) (Jersey) Law 201- consultation paper (size 78kb)
Download Bank (Recovery and Resolution) (Jersey) Law 201- draft law (size 381kb)
How to submit comments to the consultation
You can submit comments by phone, email or post.
Director, Finance Industry Development
Financial Services Unit
Chief Minister's Department
5th Floor, Cyril Le Marquand House
Phone: +44 (0) 1534 440428
Email James Mews
Comments from the finance industry
If you're commenting from the finance industry, you can send your comments to Jersey Finance.
Head of Technical, Jersey Finance Limited
4th Floor, Sir Walter Raleigh House
48 to 50 Esplanade
Phone: +44 (0) 1534 836021
Email William Byrne
Responses sent to Jersey Finance will be shared with the government unless you want to remain anonymous. Tell us on your response if this is the case.