Plans to introduce measures to protect bank savings in Guernsey are being pushed forward by the island's financial regulator. Unlike the UK, where saver's deposits are guaranteed up to �35,000, savers in Guernsey currently have no protection if a bank gets into trouble. Peter Neville said a deposit protection scheme was necessary to protect the island's business reputation. He said a working group had been set up to discuss new measures.
Mr Neville, Director General of Guernsey Financial Services Commission, said: "The aim is to finalise our proposals in the near future. "My view continues to be that we need a deposit protection scheme, both to protect individual depositors and to show the world that Guernsey looks after people who do business here, to protect Guernsey's reputation." He said recent events in the global finance markets had been "unprecedented" and "extraordinary". On Tuesday the UK government announced that savers' bank deposits there would, in future, be guaranteed up to �50,000 - compared with the current �35,000 limit.
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We need a deposit protection scheme to protect individual depositors and show the world that Guernsey looks after people
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