JFSC supports launch of Jersey Resolution Authority for banks

Posted: 10/09/2021

Jill_BrittonThe Government of Jersey has asked the Jersey Financial Services Commission to support the setting up of a resolution authority for banks in Jersey.

The Jersey Resolution Authority is being established to minimise the impact of a bank failure in the island and to ensure public funds are protected.

The authority – to be set up under the Bank (Recovery and Resolution) (Jersey) Law 2017 – will play a key role in upholding Jersey’s status as a leading international finance centre by:
• Reducing the risk of financial loss due to bank failure
• Protecting and enhancing the reputation and integrity of Jersey
• Considering the best economic interests of Jersey.

It will set the strategic direction of work on bank resolution, oversee the exercise of its legal duties and obligations, and help raise the international profile of the authority among international counterparts.

Jill Britton (pictured), JFSC Director of Supervision, commented: “As the regulator, our role is to supervise banks, making sure they are operationally sound and minimising the likelihood of failure. 

"In the event that a bank were to fail in Jersey, it is critical that we have such a provision in place to protect customers and the Jersey taxpayer. We welcome this development and will work closely with the banks and the Jersey Resolution Authority to carry out this function.”

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