ANY depositor protection scheme would be ‘a drop in the ocean’ compared to the level of deposits made through financial institutions in Jersey, says Geoff Cook, the chief executive of Jersey Finance.

He said that despite expectations that such a scheme might be inevitable, it was unlikely to be of much use to the multi-millionaire clients attracted to put their money into Island banks.

Responding to a question during the recent quarterly briefing for members, Mr Cook said that firms were likely to find any scheme ‘quite a burden’ as they would be asked to contribute financially. He said the Jersey Bankers Association was researching the position. The States of Jersey has also commissioned consultants Oxera to carry out a feasibility study.

‘Change is, in my view, inevitable,’ Mr Cook told the meeting of practitioners and politicians. ‘There are some very diverse views and it is complex. I myself am not sure that we need such a scheme. We have high net worth private banking here, and would it be a great deal of use?

• Picture: Geoff Cook