Jersey Resolution Authority for banks to be set up with JFSC support

We have been asked by the Government of Jersey to support with setting up 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 will be established under the Bank (Recovery and Resolution) (Jersey) Law 2017. It 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; and
• considering the best economic interests of Jersey.

The Authority 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.

Earlier this year, Mike Mitchell was appointed as Chair Designate of the Jersey Resolution Authority and we are supporting him in his work to establish this independent authority.

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.”

To support the Chair Designate and oversee this work, the Jersey Resolution Authority is seeking to appoint a Head of the Jersey Resolution Authority. To find out more about this unique opportunity, visit our vacancies page.