Jersey Resolution and Depositors Compensation Authority: Re-appointment of the Chair

REPORT

Jersey Resolution and Depositors Compensation Authority: Reappointment of the Chair

The Jersey Resolution and Depositors Compensation Authority (the "JRDCA") was established  in  2022  under  the  Bank  (Recovery,  Resolution  and  Depositors' Compensation) (Jersey) Law 2017 (the "Resolution Law") to prepare for and, where necessary, administer the resolution of banks in order to minimise the impact of bank failure and protect Jersey's financial stability. Further to the Bank (Recovery and Resolution) (Jersey) Amendment Law 2025, the JRDCA has assumed responsibility for the ongoing administration of the Depositor Compensation Scheme since 1 April 2026.

Part 2 of the  Resolution Law provides for the  establishment of the  JRDCA and appointment of Members. Articles 5 and 6, and Schedule 1 provides as follows:

5 Appointment of members of the Authority

1. The Authority shall comprise at least 3 members appointed by the Minister, at least one of whom represents the Commission.
2. The Minister shall designate a member of the Authority to be the Chairman.
3. The functions, powers, rights and obligations of the Authority shall not be affected by any vacancy in its membership or a defect in the appointment of any member.
4. Where no appointment is made by the Minister under paragraph (1), the Minister may appoint a States' employee, public authority or other person to discharge the functions of the Authority.
5. A person appointed under paragraph (4) shall have all the functions, powers, rights and obligations of the Authority under this Law and shall notwithstanding paragraphs (1), (2), (6) and (7) be deemed to be the Authority for the purposes of this Law.
6. A member of the Authority other than the Chairman, may designate a person to be an alternate member to attend, in place of the member, meetings of the Authority that the member is for any reason unable to attend.
7. When attending meetings of the Authority, an alternate member designated under paragraph (6) shall for all purposes be deemed to be a member of the Authority.

6 Terms of appointment of members and procedures at meetings of the Authority

1. Schedule 1 shall have effect with respect to the terms of appointment of members of the Authority and the procedures at meetings of the Authority.
2. Subject to the provisions of this Law, the Authority may regulate its own procedures.

Schedule 1

Appointment of Members and Procedures at Meetings of the Authority

1 Terms of appointment of members

3

1. Subject to sub-paragraphs (2) to (6), a member shall hold and vacate office in accordance with the terms of his or her appointment.
2. A member –
   1. must be appointed by instrument in writing for a period of not more than 5 years; and
   2. is eligible for re-appointment at the end of that period.
3. The Minister may extend the period of appointment or re-appoint the member only if the total period of appointment is not more than 9 years.
4. If, under another enactment, a States debate is required on whether to extend a period of appointment, the debate must be held in camera.
5. A member may at any time resign his or her office by giving not less than one month's notice.
6. If the Minister is satisfied that a member –

1. has  been  absent  from  meetings  of  the  Authority  for  a  period  longer  than 6 consecutive months without the permission of the Authority;
2. has become bankrupt;
3. is incapacitated by physical or mental illness; or
4. is otherwise unable or unfit to discharge the functions of a member,

the Minister may terminate his or her appointment.

7. If the Minister terminates the appointment of a member the Minister shall –
   1. give  the  person  whose  appointment  is  terminated  notice,  in  writing,  of  the termination and of the reasons for it; and
   2. present  a  report  to  the  States  informing  the  States  of  the  termination  and specifying upon which of the grounds in sub-paragraph (6) the appointment has been terminated.
8. Nothing  in  sub-paragraph (7)  shall  affect  the  continuance  of  any  other appointment with the Authority held by a member.
9. The chairman shall continue to hold appointment until –
   1. he or she resigns from that appointment by notice, in writing, delivered to the Minister; or
   2. that appointment is revoked by the Minister by an instrument in writing.
10. The Authority may co-opt a person to attend a meeting of the Authority to give advice to the Authority on any matter relating to its functions but such person shall not have the right to vote at the meeting.

Proposed Reappointment

In accordance with the Resolution Law, it is intended to reappoint Mr Mike Mitchell, the current Chair of the JRDCA, for a further four-year term as Chair. Mr Mike Mitchell was appointed to the JRDCA with effect from 1 August 2021 following an open and transparent recruitment process. His current five-year term is due to expire on 31 July 2026.

The JRDCA Board has recommended to the Minister that Mr Mitchell be reappointed as  Chair.  In  making  this  recommendation,  they  noted  that  the  JRDCA  benefits significantly from his experience in bank resolution and the banking industry in the United  Kingdom,  his  international connections,  and  his  measured  and  considered approach to board leadership.

R.107/2026

It is further noted that Mr Mitchell also served as Chair of the Jersey Bank Depositors Compensation Board (the "DCS Board") until 1 July 2026, an appointment intended to support the transition of that Board's functions to the JRDCA. This appointment ceased today in line  with the  planned dissolution of the Board. However, his  continued appointment as Chair of the JRDCA will provide important continuity and leadership during this transition phase, supporting the Authority as it delivers its broadened functions.

States of Jersey (Appointment Procedures) (Jersey) Law 2018

In accordance with Article 2 of the States of Jersey (Appointment Procedures) (Jersey) Law 2018, the Minister gives 2 weeks' notice to the States Assembly of his intention to make this appointment.

Biography

Mr Mitchell is an experienced commercial banker who has held senior advisory and leadership positions at the Bank of England. Mr Mitchell is currently the Chair of the Jersey Resolution and Depositors Compensation Authority and has been the Interim Chair of the Jersey Bank Depositors Compensation Board since March 2023.

Mr Mitchell previously spent 25 years working in senior operations roles at Lloyds TSB and Cheltenham and Gloucester banks. Mr Mitchell was then appointed to be the Head of Special Resolution Unit at the Bank of England, leading the implementation of the bank resolution regime established following the 2008 financial crisis. Mr Mitchell subsequently spent 2 years working in a senior advisory position at KPMG UK, before returning to the Bank of England as Director of International Bank Supervision, leading the supervision of over 150 international banks. Mr Mitchell then became a Senior Advisor to the Prudential Regulation Authority, advising on supervision and resolution matters.  Mr  Mitchell  has  also  acted  as  a  Senior  Technical  Advisor  to  an  Irish Parliamentary Enquiry on banking.

Proposed Board

The proposed Members of the JRDCA will be–

Mr Mike Mitchell – Chair

Ms Katherine Hitchins – Deputy Chair

Ms Monique O'Keefe – (to be replaced by Mr Richard Ingle with effect from 31 October 2026)

Ms Jill Britton – representative of the Jersey Financial Services Commission.

Mr Ian Henderson

Financial and Resource Implications

The members of the JRDCA are remunerated through an annual administration levy on Jersey banks. There are no other resource implications.