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Bank (Recovery and Resolution) (Jersey) Law 201-

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A decision made 16 December 2016:

Ministerial decision reference    MD-C-2016-0130

Decision summary title  Draft Bank (Recovery and Resolution) (Jersey) Law 201 –

Decision summary author

Director, FID, FS Unit

Is the decision summary public or exempt?  

Public

Report title  Bank (Recovery and Resolution) (Jersey) Law 201 –

Report author or name of

person giving report

Director, FID, FS Unit

Is the report public or exempt?

 Public

Decision and reason for the decision

Jersey needs to implement new international standards by creating resolution powers in order to resolve a bank in a financial crisis if the need arises according to the latest methodologies.

The Minister approved the Bank (Recovery and Resolution) (Jersey) Law 201 –(the Draft Law), signed the Human Rights statement approved the report to the Draft Law and instructed his officers to take all necessary steps to lodge the Draft law au Greffe.

Resource implications None.  The costs of implementing the Law will be met by industry in accordance with the international standards.

Action required  The Greffier of the States to be requested to arrange for the Draft Law to be lodged ‘au Greffe’ for consideration by the States.

Signature

 

 

 

Senator P F C Ozouf

Position

 

 

 

Assistant Chief Minister

 

 

Date signed

 

Effective date of the decision

 

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