What work has been carried out in the area of (Small and Medium Enterprises) in the scope of the Depositor Compensation Scheme
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WRITTEN QUESTION TO THE MINISTER FOR ECONOMIC DEVELOPMENT BY THE DEPUTY OF ST. MARY
ANSWER TO BE TABLED ON TUESDAY 5th JULY 2011
Question
Can the Minister inform members of the work, if any, he has carried out, including consultation, in the area of including SME's (Small and Medium Enterprises) in the scope of the Depositor Compensation Scheme, and can he inform members about progress made?
Answer
Following analysis of the results of the Business Deposits Survey, my Department is currently taking forward an amendment to the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 that will extend the scope of the Jersey Bank Depositors Compensation Scheme ("DCS") to include deposits held by certain small Jersey businesses.
In keeping with Principle 1 of the International Association of Deposit Insurers' "Core Principles for Effective Deposit Insurance Systems", the qualifying criteria will ensure that the focus of DCS protection will continue to be on the most vulnerable depositors.
A draft amendment will be the subject of consultation with relevant stakeholders, including the Institute of Directors and Chamber of Commerce, over the next few months. It is hoped that a draft amendment can then be lodged later in 2011.