Guernsey's States is reassuring islanders that its actions will protect the interests of both savers and taxpayers.
The Policy Council has agreed to set up a working party to look at technical aspects of putting in place safeguards for local savings and deposits.
Chief Minister Lyndon Trott said the States was not a last resort lender like the Bank of England in the UK.
But he added the government's actions would protect islanders.
The Guernsey branch of Icelandic bank Lansbanki has been put into administration, leading to calls from the Association of Guernsey Banks for urgent measures to protect savers' money.
Alan Bougourd from the association said the organisation believed a deposit guarantee scheme needed to be a priority.
Chief Minister Trott said the protection of islanders was the States' primary responsibility.
Treasury and Resources Minister Charles Parkinson has been asked to chair the working party to look at protecting savers' money in more detail.
Minister Parkinson added he was confident in the island's finance industry.