Creation of a new monetary authority (FOI)

​Request

What progress has been made in the creation of a new monetary authority, which was signalled in Senator Gorst’s speech in the Assembly after being named Chief Minister. What is the proposed remit of the monetary authority? What budget will it have? What powers will it have? How will it fit in with the FPP, IFG etc? Who will sit on it? When will they be appointed?

Response

Consideration of the role of a monetary authority, if formed, is on going.

This further consideration, which involves seeking the views of relevant parties, includes whether the States should be asked to adopt an enabling law which would enable a monetary authority to be set up with functions to be conferred on it by regulations which would be made when circumstances confronting the Island justify it.

Accordingly, no answers can be given at this time to the questions posed.