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Deposit Protection - Guernsey

Guernsey now offers a Deposit Protection Scheme for savers.

It covers all 'qualifying deposits' (mainly those from personal retail depositors, wherever they live). In the event of the failure of a Licensed Bank after the end of November last, it provides compensation, within three months, of up to £50,000 per person in respect of that bank.

There is however a limit of £100 million in any 5 year period. If this is exceeded, compensation could be reduced. Obviously this could clearly be of concern in case of a large failure - there are appparently £143b of funds under management.

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