Jersey Depositors' Compensation Scheme
On Friday 6 November 2009 the States Assembly in Jersey approved
a Depositors' Compensation Scheme (DCS) and it came into force
immediately.
Depositors are now protected up to a maximum of £50,000 per
depositor per Jersey banking group. This limit matches the
protection offered in the UK, Guernsey and the Isle of Man,
however, the limit will be reviewed should international standards
change. The DCS will pay compensation to both resident and
non-resident depositors.
The statutory DCS has now replaced the "political guarantee"
provided by the States of Jersey, which covered deposits held with
local banks by local residents only.
Which deposits/depositors are protected?
- Deposits held by private individuals (ie, retail deposits) and
charities with Jersey bank accounts are protected
- Deposits held by sole traders in their own name are
protected
- In keeping with international standards, protection extends to
deposits held by residents and non-residents
- Deposits in foreign currencies are also protected
- Protection does not extend to corporations, small and medium
enterprises (SMEs), partnerships or trusts.
More information can be found online at the Jersey
government website.