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Depositors Compensation Scheme: Draft Banking Business (Depositors Compensation) (Jersey) Regulations 200-.

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A decision made (01/06/2009) regarding: Depositors Compensation Scheme: Draft Banking Business (Depositors Compensation) (Jersey) Regulations 200-.

ecision Reference: MD-E-2009-0091 

Decision Summary Title :

Lodging of Regulations establishing a Depositors Compensation Scheme

Date of Decision Summary:

June 2009

Decision Summary Author:

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title :

Lodging of Regulations establishing a Depositors Compensation Scheme

Date of Written Report:

June 2009

Written Report Author:

Finance Industry Development Executive

Written Report :

Public or Exempt?

Exempt under para. 3.2.1(a)(xi)

Subject:    

Depositors Compensation Scheme: draft Banking Business (Depositors Compensation) (Jersey) Regulations 200-.

Decision(s):  

The Minister for Economic Development (“the Minister”) decided to:

  1. approve the draft Banking Business (Depositors Compensation) (Jersey) Regulations 200- (“DCS Regs”) and the draft Banking (Depositors Compensation) (Jersey) Regulations 200- (“Triennial Regs”), (collectively “the Regulations”);
  2. lodge the documents au Greffe by 2 June 2009 so as to enable the Regulations to be debated by the States on 14 July 2009; and
  3. approve the funding by Economic Development of the one-off set up costs and recurring annual costs of the scheme as set out in the attached Written Report.

Reason(s) for Decision: 

The DCS Regs will establish a Depositors Compensation Scheme in Jersey under the Banking Business (Jersey) Law 1991.  The Triennial Regs will be made under the Order in Council dated 28 March 1771 and will prescribe certain offences for the purposes of the DCS Regs.

Resource Implications: 

The financial and manpower implications associated with the introduction of a Depositors Compensation Scheme are set out in detail in the attached Written Report and Supporting Document.

Action required: 

The documents to be lodged au Greffe by 2 June 2009 so as to enable the Regulations to be debated by the States on 14 July 2009.

Signature: 

Senator Alan Maclean

Position: 

Minister for Economic Development

Date Signed: 

Date of Decision (If different from Date Signed): 
 

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