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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Public Finances (Amendment of Law No. 1) (Jersey) Regulations 201-

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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A decision made 23 October 2013:

Decision Reference:  MD-TR-2013-0096

Decision Summary Title:

Public Finances (Amendment of Law No.1) Regulations 201-

Date of Decision Summary:

11 October 2013

Decision Summary Author:

Head of Decision Support

Decision Summary:

Public or Exempt?

Public

 

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Public Finances (Amendment of Law No.1) Regulations 201-

Date of Written Report:

11 October 2013

Written Report Author:

Head of Decision Support

Written Report :

Public or Exempt?

Public

Subject:  Regulation to increase maximum amount that the States may lend.

Decision(s): 

The Minister approved the following draft Public Finances (Amendment of Law No. 1)(Jersey) Regulations 201- to be lodged “au Greffe” as soon as practicable.

Reason(s) for Decision: 

To amend the Public Finances (Jersey) Law 2005 to enable the maximum amount which the States may lend to third parties from 15% to 60% of the estimated income the States derived from taxation during the previous financial year (as part of the 2014 Budget Proposition the States are being asked to approve that money be lent for housing purposes – if approved this necessitates an increase to the maximum amount which the States may lend). The primary purpose of this amendment is to enable the States of Jersey to support the Housing Transformation Programme financially through lending. Furthermore, any major lending will need to be debated and approved by the States Assembly before proceeding.

Resource Implications: 

There are no financial and manpower implications.

Action required: 

The Greffier of the States is requested to arrange to lodge ‘au Greffe’ the draft Regulations attached to this decision as soon as practicable for debate at the same States session as the Draft 2014 Budget Statement.

Signature:

 

 

 

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

Date Signed:

 

Date of Decision:

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