Despite heavy opposition from around the States Chamber, Economic Scrutiny chairman Mike Higgins used his statutory power to ‘call in’ the legislation and suspend the debate.
But the decision to do so might cost him his job – within two hours of his manoeuvre, Deputy Angela Jeune prepared a ‘no confidence’ motion in the panel.
That proposition was distributed to the media, but because it omitted references to financial implications, it was not technically lodged.
Members spent nearly four hours debating the principles of the scheme, starting on Tuesday afternoon and continuing until around 2.30 pm yesterday.
The proposition by Economic Development Minister Alan Maclean would guarantee compensation for the first £50,000 of bank deposits held in the Island in the event of a bank failure.
