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Bank Resolution and Insolvency Regime: Law drafting instructions

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 27 July 2015:

Ministerial decision reference    MD-C-2015-0098

Decision summary title   Law Drafting for Bank Resolution and Insolvency Regime

Decision summary author

Director, Finance Industry Development, Financial Services Unit

Is the decision summary public or exempt? 

Public

Report title   Law Drafting for Bank Resolution and Insolvency Regime

Report author or name of

person giving report

N/A

Is the report public or exempt?

N/A

Decision and reason for the decision

The Assistant Chief Minister acting under delegated powers from the Chief Minister approved the commencement of law drafting of a regime for bank insolvency and resolution.  The instructions will be produced by the Financial Services Unit following discussion with the Bank Resolution Steering Group.  The reason is to match international standards in this area.

Resource implications

There are no resource implications for the States of Jersey. 

Action required

The Director, Finance Industry Development, Financial Services Unit to request the Law Draftsman to draft a regime for bank insolvency and resolution. 

Signature

 

 

 

 

 

Position

 

Senator P F C Ozouf

Assistant Chief Minister

 

 

 

 

 

Date signed

Effective date of the decision

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