Jersey Finance Limited -2010 core grant funding

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A decision made 22 January 2010 regarding: Jersey Finance Limited -2010 core grant funding.

Decision Reference: MD-E-2010-0005
Decision Summary Title :	Core Grant Funding for Jersey Finance Limited	Date of Decision Summary:	January 2010
Decision Summary Author:	Director, Finance Industry Development	Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Oral	Person Giving Oral Report:	Finance Industry Development Executive
Written Report Title :	n/a	Date of Written Report:	n/a
Written Report Author:	n/a	Written Report : Public or Exempt?	n/a
Subject: Approval of the 2010 core grant funding for Jersey Finance Limited (“JFL”).
Decision(s): The Minister approved core grant funding of £1,800,000 for JFL for 2010 as per the Economic Development Business Plan 2010.
Reason(s) for Decision: A non-profit making organisation, JFL is jointly funded by the finance industry and the States of Jersey. The Economic Development Department provides a grant to JFL to represent and promote Jersey’s finance industry within and outside the Island as well as to provide technical expertise to assist Government in developing new laws in accordance with the terms of the Partnership Agreement with JFL. The Minister and the Chief Executive Officer have met with Jersey Finance and considered the Marketing and Business Plans for 2010 as well as reviewing performance in 2009. In accordance with the Economic Development Business Plan 2010, the core grant to JFL for 2010 will be £1,800,000.
Resource Implications: There are no manpower implications for the States. There will be a cost to the States of £1,800,000 in 2010 in accordance with the Economic Development Business Plan 2010.

Action required:

The Director, Finance Industry Development to raise an order and process payment for the sum of £1,800,000 to be made to JFL.

Signature:

Position:

Minister for Economic Development

Date Signed:

Date of Decision (If different from Date Signed):