Jersey has seen money moved away, to countries that provide a deposit protection scheme. How much has it cost Jersey, being so slow on the uptake, you will have to ask the council of secrets for that information and of course good luck to you. Have you noticed the new argument for giving out information, its commercially sensitive, so I am sorry no information. This started with the Quango web which took important decisions away from our elected politicians ( except for the CM and treasury minister) its getting worse but that is not the story here its only part of it.
When standing as a candidate for election Mike Higgins was asked by the JEP.
Yes. Such schemes are an essential element in protecting the deposits of ordinary people. The draft Law I produced in 2003 while at the JFSC would have protected all deposits up to £33,000 and would
have been financed by the banks. Why have ministers not brought it into existence?
http://www.thisisjersey.com/election/senators/issues/depostor-protection/What members of the States were not aware of and this is critical information, the near collapse of the financial worlds literally has been caused by the greed and gambling habits of the Masters of the Universe (Bankers) . The English Government and other Countries have put in place an insurance scheme that the Banks have to pay for should toxic debts they hold, do more damage than the bank can afford. Call it an insurance policy. An expensive policy at that paid for by the banks.
Let's be clear. Our wonderful CM Terry Le Suer wants the liability for all banks problems to be carried by the Jersey people to the tune of £100 million pounds out of our reserve fund.
Mike Higgins disagreed, in a bad tempered debate he convinced the house the plan put forward by the CM Terry Le Suer and of course loved with passion by Phillip Ozouf (probably the father of this stupid idea). Mike Higgins said this scheme should NOT be quickly passed, but should go through scrutiny. It is for this reason………. not made clear on the JEP web site that a delay is to happen.
JEP says
PLANS for a deposit protection scheme have been shelved until after the summer recess for a Scrutiny review.
Despite heavy opposition from around the States Chamber, Economic Scrutiny chairman Mike Higgins used his statutory power to ‘call in’ the legislation and suspend the debate.
But the decision to do so might cost him his job – within two hours of his manoeuvre, Deputy Angela Jeune prepared a ‘no confidence’ motion in the panel.
That proposition was distributed to the media, but because it omitted references to financial implications, it was not technically lodged.
Members spent nearly four hours debating the principles of the scheme, starting on Tuesday afternoon and continuing until around 2.30 pm yesterday.
The proposition by Economic Development Minister Alan Maclean would guarantee compensation for the first £50,000 of bank deposits held in the Island in the event of a bank failure.
http://www.thisisjersey.com/2009/07/16/scrutiny-chairman-faces-confidence-vote/Shona Pitman then called for a no confidence vote in CM Terry Le Suer.
Interestingly the documents pertaining to the Depositor Protection Scheme have all been labelled top secret or to put it another way, commercially sensitive. So the council of secrets are at it again.
What are they trying to hide and why? Well done Deputy Higgins and scrutiny for trying to get to the truth. Now for goodness sake vote out Terry Le Suer before he does more damage to the financial wellbeing of Jersey residents low and middle classes, not muti millionaires and property developers of his own club.
Boatyboy
