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Currency Notes (Variation of Maximum Denomination No.2) (Jersey) Regulations 201-: Lodging of draft

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.

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  • 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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 on 27 July 2011:

Decision Reference:  MD-TR-2011-0098

Decision Summary Title:

Regulations Under Currency Notes (Jersey) Law 1959

Date of Decision Summary:

26th July 2011

Decision Summary Author:

Deputy Treasurer of the States

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

£100 Note to Commemorate Her Majesty the Queen’s Diamond Jubilee

Date of Written Report:

26th July 2011

Written Report Author:

Deputy Treasurer of the States

Written Report :

Public or Exempt?

Public

Subject:

Lodging of the Currency Notes (Variation of Maximum Denomination No 2) (Jersey) Regulations 201-.

Decision(s): 

The Minister decided to lodge ‘au Greffe’ the Currency Notes (Variation of Maximum Denomination No 2) (Jersey) Regulations 201- which seek to empower the Minister for Treasury and Resources to issue a £100 note.

Reason(s) for Decision: 

To enable the Treasury to issue a special £100 note to commemorate Her Majesty the Queen’s Diamond Jubilee.

Resource Implications:  

The financial implications are outlined in the accompanying report. 

Action required:  

Request that the Greffier of the States lodge the projet ‘au Greffe’ for consideration by the States at the earliest opportunity in September 2011.

Signature:

 

 

 

 

Position: Senator  P F C Ozouf, Minister for Treasury and Resources

 

                 

 

Date Signed:

 

Date of Decision:

Currency Notes (Variation of Maximum Denomination No.2) (Jersey) Regulations 201-: Lodging of draft

 

 

Report

 

The Currency Notes (Jersey) Law 1959 limits the maximum denomination of any currency note to £50 at present.

 

2012 will mark Her Majesty the Queen’s Diamond Jubilee and the Minister for Treasury and Resources wishes to issue a commemorative note to celebrate Her Majesty’s Jubilee.  It is intended that the commemorative note would feature an image of Her Majesty based on the holographic portrait commissioned by Jersey Heritage Trust.

 

‘Equanimity’, a holographic portrait of the Queen by light artist Chris Levine, was commissioned by Jersey Heritage to commemorate the Island’s 800-year relationship with the English Crown.  The image, usually on display in Mont Orgueil’s Tudor Hall, is one of the main features of a national touring exhibition to celebrate Her Majesty’s Jubilee.

 

To allow the Minister for Treasury and Resources to issue this commemorative £100 note, the Currency Notes (Jersey) Law 1959 needs to be amended to allow for the issuing of currency notes up to a maximum denomination of £100.

 

 

Financial and Manpower Implications

 

There are no direct financial or manpower implications from increasing the maximum denomination of currency notes from £50 to £100.  All income and expenditure related to the issuing of currency is met by and reported in the Currency Fund accounts, included in the Annex to the States Accounts.

 

It is estimated that the issuing of a £100 commemorative note would be broadly neutral (i.e. break even) in terms of the Currency Fund Income and Expenditure account.


 

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