Minister praises think before you act approach
Saturday 25th October 2008, 9:29AM BST.
A MEMBER of the Policy Council has said he is pleased that a depositors’ protection scheme will be brought before next month’s States meeting.
Housing minister Dave Jones (pictured), who backs an industry-funded method, said he was satisfied that it would be discussed sooner rather than later.
‘I’m happy that the Treasury minister and the group that’s looking at it, together with the Financial Services Commission, are doing all they can to make sure we have a protection scheme in place as soon as practically possible,’ he said.
He said that the island would not be making false promises as it would be bank-backed unlike in Ireland or Jersey, which will be funded by taxpayers’ money.
Deputy Jones had said earlier that Treasury minister Charles Parkinson, who chairs the technical group formed by the council to come up with a scheme, had a difficult job on his hands to persuade banks to support it.
This week the group decided that the compensation scheme would match that of the UK’s with a ceiling of £50,000.
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Dear Policy Council members,
If the Landsbanki Guernsey depositors are not covered, then the new “scheme” will be about as much good as a wet paper bag.
That is, unless you now anticipate other banks to collapse in the near future in your duristiction?
The only honorable thing to do is for you to include the Landsbanki Guernsey depositors in the scheme as and when (if?) it ever comes to be approved; and then seek repayment for the funds expended by the deposit protection scheme from Iceland.
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Yep – that will be the same Iceland that is known to be completely bust. Doesn’t sound like a very sound tactic to me.
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