JERSEY’S policy that stops any bank operating in the Island unless they are in the world’s top 500 has been criticised by the deputy chief executive of the Island’s biggest mortgage lender.

Jersey Home Loans had to close its doors to new customers in August and reduce overall lending in the Island because it was not in the list of top 500 banks allowed to take deposits in Jersey. Instead, the company had to raise money through its UK parent, Kent Reliance Building Society.

Deputy chief executive Rob Procter, pictured, has spoken out against the top 500 policy saying that it reduces choice and increases risk for Islanders and disregards the local market in favour of a global presence. Last week, Chief Minister Frank Walker said that he was confident in the strength of Jersey’s banking system because the banks which operate here are branches or subsidiaries of parent banks that are in the world’s top 500.

But Mr Procter disagrees with Senator Walker’s ‘fallacious assertions’.