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Depositors Compensation Scheme: Approval of notice designating banks and bank groups

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.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • 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

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 2 September 2024:

Decision Reference:  MD-ER-2024-472

Public

Subject: Approval of notice designating banks and bank groups for the Depositors Compensation Scheme.

 

Report Title: Notice of Bank Groups for the Purposes of the Jersey Bank Depositors Compensation Scheme.

Public

Decision(s):

The Minister decided to give notice, in accordance with Regulation 6 of the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 (“DCS Regulations”), of the banks which are grouped for the purposes of the Depositors Compensation Scheme.

Reason for Decision(s):

Following changes in the number and identity of deposit-taking licensees in Jersey, in accordance with Regulation 6 of the Banking Business (Depositors Compensation) (Jersey) Regulations 2009, the Minister is required to give notice that the banks listed in the attached report are grouped for the purposes of the annual administration levy, the compensation levy and compensation (each as defined in the DCS Regulations).  The notice is provided separately, titled “Notice of Bank Groups for the Purposes of the Jersey Bank Depositors Compensation Scheme”.   On approval for publishing of the notice by the Minister, the policy officer will arrange for the notice to be published on the gov.je and DCS websites.

Resource Implications: There are no new financial and/or manpower implications.

 

Action Required: Department to take necessary action.

Signature:

 

 

Signed By: Minister for External Relations

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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