Single European Payments Area (SEPA): Application to Join

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.

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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

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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