The Commission has signed a new Memorandum of Understanding (“the MOU”) with the Board of the Guernsey Banking Deposit Compensation Scheme (GBDCS).
The MOU provides a framework for the relationship between the Commission and the Board and particularly establishes how they will, as necessary, exchange specific information with each other. The scheme would manage applications from personal customers, sole trader businesses and certain local charities, and issue payments up to £50,000 per depositor in the event of a Guernsey licensed bank failure.
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