Currency Notes (Jersey) Law 1959: Amendment: Law drafting instructions

Information about the publication of Ministerial Decisions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 2 September 2015:

Decision Reference: MD-TR-2015-0094
Decision Summary Title:	Increase in Jersey currency notes issue limit to £125 million		Date of Decision Summary:	18th August 2015
Decision Summary Author:	Head of Treasury and Investment Management		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Increase in Jersey currency notes issue limit to £125 million		Date of Written Report:	18th August 2015
Written Report Author:	Head of Treasury and Investment Management		Written Report : Public or Exempt?	Public
Subject: Increase in the States of Jersey maximum issuance of currency notes to £125 million.
Decision(s): The Minister for Treasury and Resources approved the increase in the Jersey currency notes issue limit to £125 million and agreed that a Regulation should be prepared by the Law Draftsman.
Reason(s) for Decision: Under Article 1 of the Currency Notes (Jersey) Law 1959 the Minister has the power to issue Currency Notes but requires States approval for the maximum amount that can be issued. Throughout the year, the amount of currency in circulation varies in line with demand by the banks, however demand rises steeply and peaks during the Christmas period. During the Christmas period of 2014 notes in issue peaked at approximately £95 million, close to the current issue limit of £100 million. Accordingly, an increase in the ceiling to £125 million is recommended to ensure the Treasury is able to issue sufficient notes to meet potential demand. The last increase to the maximum value of currency in circulation was in 2009 when the limit was increased from £75 million to £100 million.
Resource Implications: The increased limit does not directly increase costs as currency issued to retail banks is exchanged for sterling which is retained in the Currency Fund.
Action required: Head of Treasury and Investment Management to ensure that required steps are undertaken to draft Currency Notes (Variation of Maximum Amount of Issue) (Jersey) Regulation.
Signature:		Position: Senator A J H Maclean Minister for Treasury and Resources
Date Signed:		Date of Decision: