GFSC looks at post-Rock protection
Thursday 1st May 2008, 2:30PM BST.
CONSULTATION with the finance industry is due to start in the summer about a compensation scheme for islanders if their bank went bust.
At present there are no deposit-protection arrangements in Guernsey, meaning that savers would lose all their money in such an event. Guernsey Financial Services Commission director-general Peter Neville (pictured) said that in the past, local bankers had not been keen on the idea.
‘We are considering what recommendations we should make on the setting up of a deposit protection scheme in Guernsey. In the past local bankers have been unenthusiastic, mainly because they did not want to bear the funding costs of a scheme which would inevitably fall on them.’
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There should be a deposit protection scheme in place.
All the banks should bear the costs.
The market place is changing. A scheme would give confidence to potential depositors. It could attract more deposits to the island.
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