Page last updated at 10:49 GMT, Friday, 3 October 2008 11:49 UK

States pledges support on savings

Jersey authorities will take "whatever steps are necessary" to ensure islanders' savings are protected says Chief Minister Frank Walker.

Talks have been taking place between politicians from Guernsey and Jersey on whether they can guarantee a certain amount of money if a bank collapsed.

Unlike the UK, savers in Jersey could potentially lose all their money if a bank gets into trouble.

But Mr Walker said it was vital not to rush into anything.

He said: "This is an extremely complex issue and it is vital that we are not rushed into putting forward anything other than a robust and supportable scheme."

He said Jersey authorities were "very confident in the strength of the banking system in the island".

"The banks which operate here are branches or subsidiaries of parent banks that are in the world's top 500, and whose home countries, almost without exception, have pledged to support them," he added.

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