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Both Bailiwicks are having to get to grips with the issue of deposit protection.

Last week politicians in Jersey met to decide if such a scheme should be introduced.

In Monday's Channel Report Chief Minister Senator Frank Walker assured islanders that the States are in a strong position to protect them.


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UserName

so that's ok then, I'm reassured

How soon......? What happens if my bank goes nipps up in the next few days?

crono

phew so am i now i'm sure Frank will give you it out of his rainy day fund.

Censored

How much is in the rainy day fund £685m or there abouts? If one local bank, that happens to share a name with a well know uk bank, but nothing else, goes down does anyone think the rainy day fund would be sufficient? I don't. I also think we should be told what these marvelous measures to protect local accounts are. In my opinion all local banks should put into a pot to cover a bank going under. They should be responsible for their own mess, tax payers should not be expected to bail out any badly run bank. Capitalism should stand or fail on its own mantra. It shouldn't expect back handers when times is hard.

I think it is safe to say that everyone should hope a local bank doen't go under because the cost of a failure could be catestrophic, and take everything else down with it. I don't have the confidence that people like Mr.Walker seem to have.

As per usual Jersey is behind the times as regards banking protection for savers. One has to ask is this due to oversight or something else?

UserName

Will Frank get an honour from Her Majesty?

Wouldn't that be a bit two-faced, considering how his Establishment are so keen to break away and make the island independent?

Haggis

F+++ Off Frank, You C+ck!

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matt.chatterley

I'm pretty sure the only way he could truly reassure islanders would be if he stepped down.. oh.. wait.. he's coming to the end of his run..

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Hobbes

Oh, that's really reassuring.

Jason the Maverick

Censored, I can see you don't work in finance, you obviously don't understand the banking system as well as the tax system.

Censored

In that case can you tell me who would pay out for a collapsed bank over here?
Would it be the banks themselves through a bank protection scheme, an insurance policy payout or the tax payer? I believe whoever causes the mess should sort it out. As it falls under banking then it should be the banks. I believe Mr.Walker would waste tax payers money to sort out the banks sh!t, this is grossly unfair to the tax payer. Surely as a true blue capitalist you don't expect a socialist bail out of the money grabbing banks who have run their businesses into the ground?

If you look at the uk bail out some of the money from the tax payers will be used to pay bonuses for these incompetent numpties to carry on messing around. I would say to them you screw up and you carry the can, and don't expect a second chance to repeat your errors on the trusting customers, who have often put their life savings with you because you were allegedly competent at your job. If their necks were on the chopping block we wouldn't have arrived at this crass stupidity of bank A loaning to bank B loaning to Bank C loaning to bank A etc. By conning the system the world stock markets have been brought to their knees. These top earners some would say spivs should be behind bars for this then people would learn to be honest and not screw the system. This whole system has been based on dishonestly and they have been found out, they now expect to be forgiven and to carry on to their next get rich quick scheme. Someone needs to stop these chancers from doing anymore business before all this is repeated again.