There were no answers from Landsbanki Guernsey yesterday but its going into administration has underlined calls for a depositor protection scheme in the island. (Picture by Tom Tardif, 0651791)

A SENSE of urgency was evident yesterday, as progress began on a depositors protection scheme for Guernsey. A technical group chaired by Treasury minister Charles Parkinson will work on a bank-funded one.

‘There is a clear will among States members to develop a depositor-protection scheme as soon as we can, but no appetite for a States-funded option,’ said Deputy Parkinson. ‘I will be seeking to bring all sides together to reach rapid agreement to do what we can to protect people with savings in banks in Guernsey.’

Meetings took place yesterday as Guernsey customers of Landsbanki were left uncertain as to when or even if they would get access to their money with the local bank in administration.

Chief Minister Lyndon Trott said that, notwithstanding yesterday’s events, the first task of the new group was to prepare a timetable for the urgent action needed to deliver a bank-funded scheme.

‘The government of Guernsey is not a lender of last resort like the Bank of England in the UK,’ said Deputy Trott. ‘Our responsibility is to protect the interests of both savers and taxpayers. We remain certain our actions will deliver on both counts.’