Submission - Bank Depositors Compensation Review - Bernard Place
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Subject: How much of your savings should be protected
The current level of savings protection (£50k) puts Jersey savers at an unfair disadvantage. An amount equivalent to UK protection (currently £85k) or in recognition of inflation since the limit last changed (up to £100k would be more appropriate. The argument against this that jersey resources would off island in the event of a bank failure is spurious. It is not reasonable for Jersey to benefit from the upside of offshore investment but then not provide some measure of compensation for the downside - wherever the investment originated. If this is a key part of the argument against raising the level of compensation this will be little comfort to Island
residents affected by bank failure.