JDCS for Banks
This section provides technical guidance and operational requirements for Jersey banks, liquidators, and other professional stakeholders regarding the administration of the JDCS.
The terms of the JDCS are set by the Government of Jersey, with assistance from the JRDCA, and are detailed in Part 7A of the Bank (Recovery, Resolution and Depositors’ Compensation) (Jersey) Law 2017 (the Resolution Law).
Operational Readiness and Reporting
To ensure the JRDCA can meet the 7-day payout target, all Jersey banks are required to maintain a SCV capability.
For information on the JDCS, including the JDCS Factsheet, FAQs, and details on the £50,000 protection limit, please see below.
Banks must be able to generate and submit the specified SCV files containing consolidated depositor data within 24 hours of a request from the JRDCA.
SCV files must be produced in accordance with the SCV Specification, which defines the required data fields and format of the SCV files.
We conduct regular SCV testing cycles to verify data accuracy and file formatting.
The following material is relevant to preparation and submission of SCV files
This represents the specified format for SCV Files in accordance with Article 142ZR of the Resolution Law. It defines the required data fields and format of the SCV Files. Download here
Template for the SCV Report, a summary of the SCV Files. This report may be requested from time to time to provide summary information about banks’ SCV files. It must also be submitted alongside SCV Files. Download here
Instructions for securely transmitting SCV Files (including the SCV Report) to the JRDCA. Download here
Disclosure Requirements
In accordance with Article 14A of the Resolution Law, we have published a standard that requires all Jersey banks to ensure that their advertisements and depositor communications accurately reflect the protection offered by the JDCS.
To ensure consistent information about the JDCS is provided to depositors and potential depositors of all Jersey banks.
Banks must adopt wording that is consistent with the requirements of the JDCS Disclosure Standard.
All deposit advertisements, account statements and terms and conditions provided to depositors or potential depositors must include the information required by the standard.
Funding & Levies
The day-to-day costs of maintaining the preparedness of the JDCS are funded via the JRDCA's Annual Administration Levy.
Funding & Levies
Raised only in the event of a bank failure (ex-post funding) to contribute towards the cost of compensating depositors, alongside States of Jersey funding and recoveries from the failed bank. Compensation Levy requirements are set out in Articles 142ZB to 142ZH of the Resolution Law.