On 3 May 2017, the Privy Council approved the Bank Recovery and Resolution (Jersey) Law 2017. The Law was registered by the Royal Court on 12 May 2017.
The Law aims to provide a new bank resolution regime in line with developments internationally. The aim is to ensure the continuity of critical banking functions, to avoid adverse effects of financial stability, to protect public funds by minimising extraordinary public financial support to failing banks, and to protect covered depositors and clients' assets.
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