Island savers could be protected

A scheme to protect money in Jersey deposit accounts if a bank collapses is being considered by island politicians.

The law will compensate local and international depositors up to £50,000 each if a bank failed in Jersey.

The move came after complaints about the current system in which depositors would get nothing if a bank collapsed.

The scheme, supported by Jersey Finance, which promotes the island's finance industry, is being considered by a States scrutiny panel.