Ministerial Decision Report
REPORT: Green Paper Consultation on Debt Relief for Poorer Countries
On 7 June 2011, and following an oral question from the Deputy of St Mary, I explained to members that a high level working party had been constituted to consider the issue of vulture funds, particularly in the context of the Debt Relief (Developing Countries) Act 2010 having been enacted and made permanent in the UK.
I undertook to Deputy Southern to confirm the composition of the high level working party. The principal members of that working party include:
Attorney General (Timothy Le Cocq)
Chief Minister's Advisor, International Affairs (Colin Powell)
Director, International Affairs (Tom Walker)
Director, International Finance (Martin de Forest Brown)
Director, Finance Industry Development (James Mews)
Director, International and Policy at Jersey Financial Services Commission (Andrew Le Brun)
Technical Director, Jersey Finance Limited (Heather Bestwick)
The working party have met several times to examine the UK legislation and to consider the case for enacting similar legislation in Jersey.
Members will be aware that the introduction of the UK Act was not by any means uncontentious. Substantive arguments both for and against the legislation were presented with equal force in response to the HM Treasury consultation and the fact that the Act initially contained a one year 'sunset clause' stage is revealing, perhaps, of persisting uncertainties over the Act's legal and practical impact.
The working party have concluded that the issues are of sufficient complexity and public interest to merit a public consultation. In keeping with this conclusion, my Department is set to publish a Green Paper, a copy of which is attached. We hope that as many States Members, institutions and members of the public as possible will take time to consider the issues set out in the Green Paper and respond in ways which will further inform the debate. To that end we have waited to issue this consultation until after the summer recess when as many States members as possible will be available to signal their views.
There are no financial of manpower implications arising from this decision.