PRESS RELEASE 2 August 2006

Consultation on Basel II implementation in Jersey

The Commission has today commenced a public consultation exercise on issues relating to the adoption and implementation of the new Basel Capital Accord in Jersey.

The Accord establishes revised methodology for measuring the risks that a bank faces and for calculating the minimum level of capital required to protect against their potential impact. As such, it will most directly impact upon registered deposit takers and their professional advisers but depositors and the Island generally should also benefit from the comfort of latest international standards being applied in the prudential control of Jersey banks.

The Consultation Paper can be viewed on the Commission’s website at www.jerseyfsc.org and paper copies obtained from the Commission’s reception area or the Jersey Library.

The Commission would welcome input from any interested parties. Responses should be submitted by 2 October 2006.

The consultation paper can be viewed by Clicking Here

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For further information, please contact:

Mark Sumner
Director, Banking
Jersey Financial Services Commission

Tel: + 44 (0) 1534 822117
Fax: + 44 (0) 1534 822002
Email: m.sumner@jerseyfsc.org