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MD-TR-2020-0163 Rescindment of Ministerial Decision

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{THIS DECISION RESCINDS MD-TR-2020-0126] A decision made on 22 December 2020

Decision Reference: MD-TR-2020-0163

Decision Summary Title:

Rescindment of decision on Borrowing Requirement - 2020

Date of Decision Summary:

16 December 2020

Decision Summary Author:

Director of Treasury and Investment Management

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Rescindment of decision on Borrowing Requirement - 2020

Date of Written Report:

16 December 2020

Written Report Author:

Director of Treasury and Investment Management

Written Report:

Public or Exempt?

Exempt

Articles 26, 33 & 34

Subject:

Borrowing requirements for the period 1st October 2020 to 31st December 2020

 

Decision(s): 

The Minister decided to rescind the decision taken in MD-TR-2020-0126 to borrow between £5 million and £60 million, to be made available from the previously approved £500 million Revolving Credit Facility (RCF), to meet the funding requirements of the Consolidated Fund from 1st October 2020 to 31st December 2020.

 

Reason(s) for Decision:

 

The decision to draw down £5 million or such other sum or sums (being not more than £60 million in total) was made based on a projection of funding requirements from departmental and central estimates. These projections were made on a prudent basis and the actual cash flow no longer demonstrates a requirement for borrowing before 31st December 2020- because of lower than expected departmental expenditure.

 

In signing MD-TR-2020-0029 the Minister declared an immediate threat to the health or safety of any of the inhabitants of Jersey and to the stability of the economy in Jersey and is satisfied that those circumstances require the application of the modifications set out in Article 24(9) of the Public Finances (Jersey) Law 2019, as amended by Public Finances (Amendment of Law) (Jersey) Regulations 2020 (“Public Finances Law”). Consequently, the Public Finances Law applies with those modifications.

The Public Finances Law (as modified) applies up to 30th September 2020 and allows the Minister, in the name of the States, to obtain financing of up to £500 million.

To date the Minister has approved the arrangement of a Revolving Credit Facility of £500 million, but only £5 million of borrowing has taken place, which is now repaid.   

 

Resource Implications: 

There are no human resource implications for the Government of Jersey arising from this decision, management of borrowing and the RCF fall within the current operation of the Treasury and Investment Management team.

 

Action required:

Head of Financial Governance to inform the Director of Treasury and Investment Management that this decision has been signed.

 

Signature:

 

 

Position:  Deputy S J Pinel, Minister for Treasury and Resources

Date Signed:

 

Date of Decision:

 

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