PRESS RELEASE 27 July 2006

Issue of Codes of Practice for Deposit-taking Business

The Commission has today issued Codes of Practice for Deposit-taking Business (the “Codes”), following a period of public consultation. The Codes establish regulatory requirements for banks operating in Jersey in respect of their conduct, controls and financial robustness. Banks now have six months to ensure adherence to these.

David Carse, Director General of the Commission, said:

“Codes of practice are an established regulatory tool, both internationally and in Jersey, and are already established in the Jersey insurance, investment business and trust company sectors. The new Codes follow the same principles already established in existing codes and many of our banks will therefore already be familiar with their requirements. These are not expected to represent a significant hurdle for the institutions of stature that operate here.”

The Codes can be viewed on the Commission’s website at www.jerseyfsc.org.

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For further information, please contact:

David Carse
Director, General
Jersey Financial Services Commission

Tel: + 44 (0) 1534 822011
Fax: + 44 (0) 1534 822001
Email: l.johns@jerseyfsc.org