Utilisation of the Revolving Credit Facility for Fiscal Stimulus Fund

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A decision made on 22 December 2021

Decision Reference: MD-TR-2021-0142
Decision Summary Title:	Utilisation of the Revolving Credit Facility for Fiscal Stimulus Fund		Date of Decision Summary:	10th December 2021
Decision Summary Author:	Director 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:	Drawdown from the Revolving Credit Facility for successful Fiscal Stimulus Fund bids		Date of Written Report:	10th December 2021
Written Report Author:	Director of Treasury and Investment Management		Written Report : Public or Exempt?	Exempt (Article 34 – Economic and Financial interests of the States)
Subject: Utilisation of the Revolving Credit Facility (“RCF”) to fund grant awards from the Fiscal Stimulus Fund.
Decision(s): The Minister decided to approve the Approve the utilisation of £19,806,369 from the RCF.
Reason(s) for Decision: Agreement to withdraw funds from the RCF was provided to the Minister for Treasury and Resources through the States Assembly approval of P.128/2020 and is verified in the Assembly’s approval of P.131/2020. The RCF has sufficient capacity to enable this drawdown to be made. Departmental budgets need to receive the funds prior to the year end.
Resource Implications: The estimated financing costs of the RCF are included within the Government Plan 2021-24. The completion of the Utilisation Request and the management of the transfers forms part of the day-to-day activities of the Treasury & Exchequer.
Action required: The Head of Financial Governance to notify the Director of Treasury and Investment Management when the decision has been signed. The utilisation request to be completed and signed in accordance with the Treasury & Exchequer authorised signatory list.
Signature:		Position: Deputy S J Pinel, Minister for Treasury and Resources
Date Signed:		Date of Decision: