Savings protection promised
Thursday 2nd October 2008, 3:00PM BST.
ISLANDERS will soon enjoy savings protection that is amongst the best in the world if their banks go bust, the Chief Minister promised today.
Senator Frank Walker said this morning that he was hours away from announcing the details of a depositor protection scheme. He insisted that existing safeguards and regulation already made money held in Jersey among the most secure in the world.
Speaking this morning after yesterday’s urgent meeting with senior politicians and finance industry leaders, Senator Frank Walker said that safeguarding the hard-earned savings of local people was his top priority. However, he said that the top-level discussions were continuing today and no announcement would be made about the details of any scheme until later today at the earliest.
The level of concern about the local impact of the global financial crisis was growing, with independent financial advisers reporting that worried customers in Jersey were requesting that their savings be moved to Irish banks, which have been guaranteed by the government there.
Read the full story in the Jersey Evening Post. Click here for subscription details. Individual editions are also available online.
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This really does make one think about how Jersey is run.
Day after day we have loads of pronouncements from Ministers, civil servants and finance industry professionals on the security and integrity of the industry.
And then along comes a crisis and they are all running around like chickens who have suddenly spotted a hungry fox approaching.
If this is how they cope with a financial crisis I hope the island never has to face a flu pandemic with the interruptions to food supplies etc that would entail.
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Walker and Ozouf – amateurs !
It has now become apparent that politicians have talked about this for years and that’s all they ever did.
Then comes a crisis and hay presto, Walker pulls a depositer protection scheme out of a hat. His 6 spin doctors then get to work and it becomes a WORLD CLASS protection scheme. The idea of course is great but why has it to be WORLD CLASS when we are an island 9 x 5 miles. Using those words make the island look foolish. I am surprised they didn’t call it iconic and award winning as well
It’s time they get a grip of reality
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So locals who have money in the bank are going to be protected or is that just the one’s who have the right to buy or rent or Jersey born? no mention of the hundreds of thousands who bank here from else where ? that should really make them feel really comfortable with the news ! since lets face it the Island and the banks sold them down the river by allowing the revenue access to there details
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JEP, September 17th 2008
JERSEY is in a ‘fantastic financial position’ that is ‘cause for celebration and congratulation’, said Chief Minister Frank Walker in opening the debate on the States Business Plan yesterday.
JEP, October 2nd 2008
Speaking this morning after yesterday’s urgent meeting with senior politicians and finance industry leaders, Senator Frank Walker said that safeguarding the hard-earned savings of local people was his top priority.
What a difference a couple of weeks can make.
I live in the hope that one day we may get a government who focus on the job of efficiently governing, rather than keeping themselves prioritised with putting forth the impression that they’re in control.
The house of cards is tumbling.
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As usual the people who actually HAVE money are protected as a priority over those who have nothing and struggle to live day-to-day !! I am Jersey born and have the right to buy but will never be able to actually afford to save a deposit let alone consider the mortgage itself !
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Alex,
The Island will need to secure all money invested to avoid a mass pull out of funds, so your will find that your money should be safe if this protection happens.
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It’s stated that all ISLANDERS will enjoy savings protection, so this does not cover foreigners that
got savings there at all.
I assume it’s one or two customer that might be foreigner, this mean they will move if no protection is provided.
When everybody moves we know the result, don’t we…
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