Statement from Geoff Cook, chief executive, Jersey Finance, in response to the Island Government’s announcement that a depositor compensation scheme will be introduced:

Jersey Finance has welcomed the decision by the States of Jersey to agree to the principal of introducing a depositor compensation scheme into Island law.
We recognise that it is important to provide depositors with the additional reassurance which is offered by a statutory scheme even though we believe that the collapse of a bank in Jersey remains most unlikely due to the strict licensing regime imposed by the Island’s financial regulator. We look forward to its formal introduction later this year once the Island’s Parliament approves the specifics of the scheme.