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Information and public services for the Island of Jersey

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

Single European Payments Area (SEPA): Application to Join

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 1 July 2015:

MINISTERIAL DECISION REFERENCE: MD-C-2015-0078

DECISION SUMMARY TITLE: Single European Payments Area Application

DECISION SUMMARY AUTHOR:

Director, Finance Industry Development, Financial Services Unit

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Single European Payments Area Application

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

Director, Finance Industry Development, Financial Services Unit

IS THE REPORT PUBLIC OR EXEMPT 

Qualified Exemption: Article 35

DECISION AND REASON FOR THE DECISION:

The Assistant Chief Minister approved the application to be made for Jersey to the European Payments Council (“EPC”) in order for Jersey to join the Single European Payments Area (“SEPA”).

 

The decision is a result of consultation with and support from the Jersey Bankers Association.  It will mean that payments in Euros are able to be made by Jersey banks to and from banks in the SEPA that are subject to the protections and support of the SEPA rules.  The supporting documents for this application are a letter to the EPC, a statement of compliance with the criteria set by the EPC and a legal opinion supporting the statement of compliance written by the Law Officer’s Department.

 

RESOURCE IMPLICATIONS:

The resource implications are that the costs of the review of the documentation by the EPC’s lawyers will be charged to the Financial Services Unit.  This is estimated to be less than €20,000.

 

ACTION REQUIRED:

The Assistant Chief Minister approved the application and requested officers to make the necessary arrangements to convey the application to the EPC.

SIGNATURE:

 

 

 

POSITION:

 

SENATOR P.F.C. OZOUF

ASSISTANT CHIEF MINISTER OF JERSEY

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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