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Page last updated at 12:38 GMT, Thursday, 16 October 2008 13:38 UK

Savers' protection plan discussed

Guernsey cash
The treasury minister says the issue is being dealt with properly

Emergency talks are taking place among deputies to plan the next step in their calls for a cash deposit protection scheme in Guernsey.

Twelve States members released a joint statement last week expressing concern about the lack of a savers' guarantee.

The States has said protecting savers' deposits was a top priority, but it would not be rushed into a scheme that was inappropriate.

Treasury and Resources has ruled out any such scheme before November.

The group said it believed it would not be brought before the House until spring 2009, which in its view was "too long".

'Independent action'

In its statement, the group said Guernsey's residents had waited long enough and it was "not content" the necessary measures were being pursued as promptly as islanders had a right to expect.

"Should we not receive reassurances that a suitable depositors' protection scheme will be presented very shortly for consideration, we shall not hesitate in acting independently," the statement added.

Treasury and Resources Minister Charles Parkinson has denied there has been any failure in the way the issue has been handled.

"I'm not averse to an inquiry if one is set up to review what's happened in Guernsey," he told BBC News.

"I've every confidence it will conclude all of the authorities did everything they properly could."

Guernsey savers have been told they will receive 30p for every pound deposited with Landsbanki Guernsey, which has gone into administration.




SEE ALSO
UK helps States over Landsbanki
15 Oct 08 |  Jersey
Iceland bank is in administration
07 Oct 08 |  Guernsey
Iceland stock market to stay shut
13 Oct 08 |  Business
Authority has 5m in failed bank
08 Oct 08 |  Cornwall
Icesave savers warned on accounts
07 Oct 08 |  Business

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