The Jersey Resolution Authority (JRA) is responsible for minimising the impact of bank failure in the Island and ensuring that public funds are protected.
It has now set out its strategy for the remainder of 2022 and 2023; along with the key actions and planned timeframes for delivery.
As well as a necessary focus on its governance framework and internal policies and procedures, its initial areas of focus are:
- Developing and implementing its approach to bank resolution;
- Building its understanding of the activities conducted by Jersey banks and determining those functions that are critical to Jersey’s economy; and
- Understanding the impact of Group Resolution Plans on the activities of Jersey banks.
The JRA is committed to establishing an efficient and effective regime that is proportionate to the risks and nature of Jersey’s banking industry and to do so in an open and transparent manner.
Whilst independent from the Jersey Financial Services Commission (JFSC), the JRA continues to work closely with the JFSC to fulfil its strategic and operational goals.
Reflecting this close working relationship the JFSC and the JRA have agreed a Memorandum of Understanding (MoU) detailing how they will cooperate to meet shared aims of:
- Reducing the risk of financial loss due to bank failure;
- Protecting and enhancing the reputation and integrity of Jersey; and
- Considering the best economic interests of Jersey.
Mike Mitchell (pictured), Chair of the JRA commented: “Following establishment of the JRA on 31 January 2022, the Board and I have worked to determine our strategy and we are pleased to publish today a document setting out our mission, strategic and operational goals as well as the key actions required to implement these over the coming 18 months.
“Whilst we’ve set ourselves ambitious targets to implement Jersey’s Bank Resolution Regime, we appreciate that we are at the start of a journey, and we anticipate that some aspects will take several years to implement fully.
“I am also delighted that we’ve been able to quickly agree a Memorandum of Understanding with the JFSC. The JFSC has been extremely supportive of the JRA to date, for which we are most grateful; an open and cooperative relationship with the JFSC is key to our ability to deliver on the JRA’s strategic goals going forward.”
Jill Britton, Director General of the JFSC commented: “We were pleased to enter into a Memorandum of Understanding with the JRA. We have worked closely with the JRA since its JFSC Sensitive establishment and the signing of this MoU further develops the open and cooperative working relationship between our two organisations.”