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Page last updated at 16:35 GMT, Wednesday, 1 October 2008 17:35 UK

Measures to protect island savers

Measures to protect the money savers have deposited in Jersey's banks and building societies are being discussed by the States.

Unlike the UK, where deposits of up to 35,000 are guaranteed, savers in Jersey could potentially lose their money if their bank gets into trouble.

Chief Minister, Senator Frank Walker, said there was no financial "crisis" in the island.

He said it was important to agree on a scheme that was "right" for Jersey.

No Jersey depositor has lost their deposit and nor do we believe there is a likelihood of them doing so
Senator Frank Walker

The change to the island's banking regulations is being considered because ministers want to protect Jersey's savers from the possible negative effects of the global economic downturn.

On Tuesday the UK Government announced that savers' bank deposits there would, in future, be guaranteed up to 50,000 - compared with the current 35,000 limit.

Speaking to the BBC, Senator Walker would not be drawn on what the upper threshold for deposit guarantees in Jersey might be.

He said: "There is no crisis whatsoever in Jersey.

"No Jersey depositor has lost their deposit and nor do we believe there is a likelihood of them doing so.

"We will come forward with proposals which protect depositors to the greatest possible extent.

"We will not put something forward until we are certain it is right for Jersey."


SEE ALSO
Brown: We'll protect bank savings
30 Sep 08 |  UK Politics
'No floods' of switching savers
01 Oct 08 |  Business
Banking crisis
30 Sep 08 |  Moneybox

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