Head sought for bank failure watch group

Tuesday 28 September 2021

The financial regulator is working with Government to set up an authority to minimise the impact of a bank failure in the island and to ensure public funds are protected, and is looking to appoint its boss.

The Jersey Resolution Authority's key responsibilities would be:

• reducing the risk of financial loss due to bank failure;
• protecting and enhancing the reputation and integrity of Jersey; and
• considering the best economic interests of Jersey.

The Authority is now seeking to appoint a Head of the Jersey Resolution Authority to oversee the work and support the Chair Designate.

Jill Britton, 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 the island, 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.”