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Another compensation scheme set for approval

Jersey looks set to get a depositors' compensation scheme next month.

The States Assembly is expected to give its approval to a draft scheme on October 20, and it could be up and running within weeks.

The Jersey DCS was approved in principle in July but then went before a panel of experts who discussed changes and options.

The scheme would be comparable to the Isle of Man's DCS, with cover for individual retail deposits up to £50,000.

It's not yet known how Jersey would pay for the scheme, but it's thought banks would be asked to contribute.

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