Former French island reserved for banishment (5)

I believe the answer is:

exile

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'reserved for banishment' is the definition.
'exile' can be an answer for 'banishment' (exile is a kind of banishment). I'm unsure of the 'reserved for' bit.

'former french island' is the wordplay.
'former' becomes 'ex' (prefix meaning former or onetime).
'french island' becomes 'ile' ('island' in French).
'ex'+'ile'='EXILE'

Can you help me to learn more?

(Other definitions for exile that I've seen before include "One forced to live abroad" , "Send away" , "One barred from their native land" , "One barred from their native country" , "Banish; expel" .)

I've seen this clue in The Globe and Mail.

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