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Currency Notes (Variation of Maximum Amount of Issue) (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.

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A decision made 16 November 2015:

Decision Reference:  MD-TR-2015-

Decision Summary Title:

Draft Currency Notes (Variation of Maximum Amount of Issue) (Jersey) Regulations 201-

Date of Decision Summary:

12th November 2015

Decision Summary Author:

Head 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:

Draft Currency Notes (Variation of Maximum Amount of Issue) (Jersey) Regulations 201-

Date of Written Report:

12th November 2015

Written Report Author:

Head of Treasury and Investment Management

Written Report :

Public or Exempt?

Public

Subject:

To agree the Draft Currency Notes (Variation of Maximum Amount of Issue) (Jersey) Regulations 201- and to lodge for States debate.

Decision(s):

The Minister for Treasury and Resources approved the Draft Currency Notes (Variation of Maximum Amount of Issue) (Jersey) Regulations 201- and agreed that the Regulations should be lodged for States debate.

Reason(s) for Decision:  

Article 1 of the Currency Notes (Jersey) Law 1959, states that the Minister for Treasury and Resources has the power to issue currency notes with States approval.

 

Article 1(2) of the Currency Notes (Jersey) Law 1959, allows the States by Regulations to vary the amount of currency notes issue in circulation at any one time.

 

These Regulations if approved by the States would increase the Jersey currency notes issue limit to £125,000,000.

 

The Minister for Treasury and Resources approved the increase in Jersey currency notes issue limit to £125,000,000 (MD-TR-2015-0094).The proposed limit of £125,000,000 should be sufficient to meet the public’s demands for currency over the next five years.

 

The purpose of this decision is to approve the Regulations drafted by Law Draftsman and to agree that the Regulations should be lodged for States debate.

Resource Implications:

There are no changes to resource requirements.

 

 

Action required:

Head of Treasury and Investment Management to request the Greffier of the States to arrange for the Draft Currency Notes (Variation of Maximum Amount of Issue) (Jersey) Regulations 201- to be lodged ‘au Greffe’

Signature:

 

 

Position:

Senator A J H Maclean

Minister for Treasury and Resources           

Date Signed:

Date of Decision:

 

 

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