Government of Jersey

Information about the publication of Ministerial Decisions

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A decision made 3 February 2011 regarding: Jersey Finance Limited - Core grant funding 2011 - approval of.

Decision Reference: MD-E-2011-0015

Decision Summary Title :

Core Grant Funding for Jersey Finance Limited

Date of Decision Summary:

27 January 2011

Decision Summary Author:

Director, Finance Industry Development

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title :

Jersey Finance Limited Business Plan 2011

Date of Written Report:

n/a

Written Report Author:

Jersey Finance Limited

Written Report :

Public or Exempt?

Exempt under 3.2.1(a)(ix) of the Code of Practice

Subject:

Approval of core grant funding for Jersey Finance Limited (“JFL”) 2011.

Decision(s):

The Minister approved the JFL Business Plan 2011 and core grant funding of £2,200,000 for JFL for 2011 as per the Economic Development Business Plan 2011.

Reason(s) for Decision:

A non-profit making organisation, JFL is jointly funded from 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 law 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 JFL Marketing and Business Plans for 2011 as well as reviewing performance in 2010.

In accordance with the Economic Development Business Plan 2010, the core grant to JFL for 2011 will be £2,200,000.

Resource Implications:

There are no manpower implications for the States. There will be a cost to the States of £2,200,000 in 2011 in accordance with the Economic Development Business Plan 2011.

Action required:

An order to be raised and a payment in the sum of £2,200,000 to be made to JFL.

Signature:

Senator AJ Maclean

Position:

Minister for Economic Development

Date Signed:

Date of Decision (If different from Date Signed):