More than 2,000 people had money saved in Landsbanki Guernsey
Savers who had accounts with the failed bank Landsbanki Guernsey are unlikely to benefit from a new depositor protection scheme.
Treasury and Resources Minister Charles Parkinson said the parties involved in planning the scheme would not agree to retrospective compensation.
Under the proposals both local and non-resident deposits would be protected up to £50,000.
The new measures will be discussed by the States in November.
A campaign group has been set up by Landisbanki Guernsey to help members fight to get their money back.
More than 2,000 people had £117.3m saved in Landsbanki Guernsey when the bank was put into administration several weeks ago.
Savers say not enough information is being released about when they can expect their money back.
They have been told they will get an interim payment back of 30p for every pound invested, but say that is not enough.