A SENSE of urgency was evident yesterday, as progress began on a depositors protection scheme for Guernsey.

AN ANNOUNCEMENT yesterday that the Policy Council had agreed to ‘a measured course of action which will maintain confidence in the local banking sector and address the concerns of local depositors’ will be followed by an immediate question from islanders: What, by doing nothing?

POLICY COUNCIL members yesterday ruled out a States-funded deposit protection scheme for Guernsey.

INTRODUCING a depositors’ protection scheme will have to receive the approval of the States first.

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.