Guernsey moves closer to depositor protection scheme

Guernsey's intention to introduce a depositors' compensation scheme with a ceiling of £50,000 is a step closer, following a second technical group meeting to consider an analysis of the deposit base of all banks in Guernsey, essential in assessing the cost of the scheme. Group chair and Treasury and resources minister Charles Parkinson said the group, including representatives of the Commerce and Employment Department, the Guernsey Financial Services Commission (GFSC) and the Association of Guernsey Banks (AGB), has made 'significant progress' towards introducing a scheme, a report on whi...