A PANEL has been set up to examine the details of an industry-funded deposit protection scheme for Guernsey.

Treasury minister Charles Parkinson and representatives from the Guernsey Financial Services Commission are the members. It will look at the technicalities of implementing such a scheme before any decision is made.

‘We are determined not to act in haste,’ said Chief Minister Lyndon Trott (pictured). ‘We have to make absolutely sure that policy-makers have as much information as possible at their fingertips before making a decision of this magnitude.’

A meeting was organised yesterday to allow States members to ask the Policy Council and industry leaders, including GFSC director general Peter Neville and director of banking Philip Marr, about the options and issues involved.

Deputy Trott stressed that further in-depth discussions were necessary, but said once a decision had been made, it could be implemented quickly as an ordinance, not a primary law.