Protection offered to Jersey bank customers
This content has been automatically generated from the original PDF and some formatting may have been lost, therefore it should not be relied upon to extract citations or propose amendments. Please see the PDF for the official version of the document.
WQ.446/2025
WRITTEN QUESTION TO THE MINISTER FOR EXTERNAL RELATIONS
BY DEPUTY R.S. KOVACS OF ST. SAVIOUR
QUESTION SUBMITTED ON MONDAY 24th NOVEMBER 2025 ANSWER TO BE TABLED ON MONDAY 1st DECEMBER 2025
Question
"Following the UK bank account increase of deposit protection from £85,000 to £120,000 from December 2025, will the Minister advise what plans, if any, he has to increase the protection offered to Jersey bank customers and, if he has such plans, provide the timeline for its implementation and the amount by which it will be increased; and if no such plans exist, will he advise why not?"
Answer
The maximum compensation payable by the Jersey Bank Depositors Compensation Board is £50,000, in accordance with Regulation 22 of the Banking Business (Depositors Compensation) (Jersey) Regulations 2009.
On 30 September 2025, the States adopted the Bank (Recovery and Resolution) (Jersey) Amendment Law 202-, which transfers responsibility for the Depositors Compensation Scheme to the Jersey Resolution Authority.
As previously stated, I have instructed the Jersey Resolution Authority to undertake a comprehensive review of the Depositors Compensation Scheme once the transfer has been completed. This review will start in Q2 next year, with recommendations targeted for the first half of 2027. This timeline ensures a thorough assessment of the costs and benefits associated with any potential adjustments to the scheme, including consideration of the current compensation limit.