A DEPOSITORS’ protection scheme in Guernsey might offer a guarantee of up to £50,000 – in line with the UK’s –  but it will not be rushed in, the Guernsey Financial Services Commission has warned. The announcement comes as Prime Minister Gordon Brown unveiled plans to increase the current protected balance limit of £35,000.

GFSC director-general Peter Neville (pictured) said he agreed with the 12 deputies who have called for the implementation of a scheme that it was of paramount importance, but it would not be rushed through.

‘The matter is urgent and Guernsey should have a deposit protection scheme. This is why the commission took the initiative which it did.

‘In the past, when global circumstances were very different, there was no appetite for such a scheme from industry or the politicians who were in place at that time. I very much welcome the support which is now being given to the introduction of a deposit protection scheme. Having said that, the commission is not in favour of reacting in haste.’