Banking Groups: Name Changes: Approval

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 19 June 2014:

Decision Reference: MD-C-2014-0120
Decision Summary Title :	Approval of new notice designating banking groups		Date of Decision Summary:	17th June 2014
Decision Summary Author:	Director, Finance Industry Development		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title :	Approval of new notice designating banking groups		Date of Written Report:	5th June 2014
Written Report Author:	Director, Finance Industry Development		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Approval of new notice designating banking groups
Decision(s): The Chief Minister approved the banking groups and requested the publication of a notice on the website of the Jersey Bank Depositors Compensation Board.
Reason(s) for Decision: The Jersey Financial Services Commission has agreed that the following banking groups and their successors in title are the current banking groups operating in Jersey: HSBC Bank International Limited HSBC Bank Middle East Limited HSBC Bank Plc, Jersey Branch Lloyds Bank Plc, Jersey Branch Lloyds Bank International Limited Barclays Bank Plc, Jersey Branch Barclays Private Bank & Trust Limited Barclays Private Clients International Limited, Jersey Branch National Westminster Bank Plc The Royal Bank of Scotland International Limited The Royal Bank of Scotland Plc Citibank (Channel Islands) Limited Citibank N.A., Jersey Branch Citicorp Banking Corporation, Jersey Branch Abbey National International Limited Santander UK plc, Jersey Branch BNP Paribas S.A, Jersey Branch BNP Paribas Securities Services S.C.A, Jersey Branch The Minister has the power to group banks and the reason for the Decision is that the existing list and notice needs updating.
Resource Implications: There are no resource implications as a result of this decision.
Action required: That the Board is requested to publish the notice on the website of the Jersey Bank Depositors Compensation Board (the “Board”).
Signature:		Position: CHIEF MINISTER
Date Signed:		Date of Decision (If different from Date Signed):

Banking Groups: Name Changes: Approval

APPENDIX A

APPROVAL OF NEW NOTICE DESIGNATING BANKING GROUPS

WRITTEN REPORT TO THE MINISTER

Summary and recommendation

Some of the banks within the banking groups in Jersey have changed their names and certain banking licences have not been renewed for restructuring reasons. Accordingly it is recommended for the purposes of the Deposit Compensation Scheme that the banking groups are amended and the Minister is asked to approve the new banking groups and to request the Board to publish the notice on the Board’s website

Banking groups

Under Regulation 6(1) of the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 (“the DCS Regs”), the Minister has the power to group banks for the purposes of the annual administration levy, the compensation levy, and the compensation to be paid in respect of associated banks.

Under Regulation 6(2) the Minister may group banks by giving notice published in a manner that in the opinion of the Minister is likely to bring it to the attention of those affected by it. It is considered that publishing the notice on the Board’s website is the best method of bringing the notice to the attention of those affected and is in accordance with practice adopted at the Jersey Financial Services Commision (“the JFSC”) regarding publishing notices.

The new banking groups have been confirmed by the JFSC as follows:

HSBC Bank International Limited
HSBC Bank Middle East Limited
HSBC Bank Plc, Jersey Branch

Lloyds Bank Plc, Jersey Branch
Lloyds Bank International Limited

Barclays Bank Plc, Jersey Branch
Barclays Private Bank & Trust Limited
Barclays Private Clients International Limited, Jersey Branch

National Westminster Bank Plc
The Royal Bank of Scotland International Limited
The Royal Bank of Scotland Plc

Citibank (Channel Islands) Limited
Citibank N.A., Jersey Branch
Citicorp Banking Corporation, Jersey Branch

Abbey National International Limited
Santander UK plc, Jersey Branch

BNP Paribas S.A, Jersey Branch
BNP Paribas Securities Services S.C.A, Jersey Branch

Recommendation

As a result of the comments above, it is recommended that the Minister approves the new banking groups and requests the Board to publish the notice set out at Appendix A on the website.

Director, Finance Industry Development

5 June 2014

NOTICE GROUPING BANKS

BANKING BUSINESS (DEPOSITORS COMPENSATION) (JERSEY) REGULATIONS 2009

The Chief Minister under the powers contained in Regulation 6(1) of the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 (“the DCS Regs”) has decided to group banks for the purposes of the annual administration levy, the compensation levy, and the compensation to be paid in respect of associated banks.

The new banking groups are the following banks and their successors in title as stated at 5 June 2014: