Government of Jersey

Information about the publication of Ministerial Decisions

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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
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A decision made 9 July 2013:

Decision Reference: MD-TR-2013-0057
Decision Summary Title:	Transfer from Dwelling Houses Loans Fund to the Consolidated Fund		Date of Decision Summary:	27th June 2013
Decision Summary Author:	Head of Shareholder Relations		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Transfer from Dwelling Housing Loan Fund to the Consolidated Fund		Date of Written Report:	27th June 2013
Written Report Author:	Head of Shareholder Relations		Written Report : Public or Exempt?	Public
Subject: Dwelling Houses Loans Fund transfer of funds to the Consolidated Fund (cash balances) to provide cash balances for the pilot Starter Home Deposit Loan Scheme
Decision(s): The Minister approved the transfer of £3,000,000 from Dwelling Houses Loan Fund to Consolidated Fund (cash balances) to be used for the pilot Starter Home Deposit Loan Scheme.
Reason(s) for Decision: The proposal for the transfer of £3,000,000 to be used for a pilot Starter Home Deposit Scheme was approved by the States on 16th April 2013 (P.131-2012).
Resource Implications: This will reduce the Dwelling Houses Loan Fund by £3,000,000 and temporarily increase the Consolidated Fund (cash balances) until the funds are drawn down for the pilot Starter Home Deposit Loan Scheme.
Action required: The Head of Shareholder Relations to arrange the transfers of monies, which will continue to be invested in the short term in the Common Investment Fund until these monies are required.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Starter Home Deposit Loan Scheme - Pilot: Dwelling Houses Loans Fund transfer to Consolidated Fund

Treasury and Resources

Ministerial Decision Report

Transfer from Dwelling Housing Loan Fund to the Consolidated Fund

Purpose of Report

To consider the transfer of £3,000,000 from Dwelling Houses Loan Fund to Consolidated Fund (cash balances) to be used for the pilot Starter Home Deposit Loan Scheme.

Background

On the 16th April 2013, the States approved P.131-2012, the Starter Home Loan Deposit Scheme. This is a pilot Scheme which is due to commence in July 2013 and last approximately six months.

The proposition stated that the pilot Starter Homes Deposit Loan Scheme would be established by way of a transfer of £3,000,000 from the Dwelling Houses Loan Fund to the Consolidated Fund. The Dwelling Houses Loan Fund had a net asset value of £11.7 million as at 31st December 2011, with liquid investments of £5.6 million.

The loans for the pilot scheme will be made in accordance with Article 23(3) of the Public Finances (Jersey) Law 2005 and Regulation 13 of the Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005. This allows the Minister for Treasury and Resources, in any financial year, to lend up to £3,000,000, providing each individual transaction does not exceed £500,000, and the loans outstanding under this delegation do not exceed £10 million. These loans must be made from cash balances (Consolidated Fund).

Proposal

The Minister for Treasury and Resources to approve the transfer of £3,000,000 from the Dwelling Houses Loan Fund to the Consolidated Fund (cash balances) to be used for the pilot Starter Home Deposit Scheme.

The Money should continue to be held for investment in the Common Investment Fund, to maximise investment returns until such time as it is required to be drawn down.

Recommendation

The Minister for Treasury and Resources is recommended to approve the transfer of £3,000,000 from the Dwelling Houses Loan Fund to the Consolidated Fund.

Reason for Decision

To transfer the money in accordance with the States’ approval of P.131-2012, which approved the creation of a new pilot Starter Home Deposit Loan Scheme.

Resource Implications

The financial implications are as detailed in the report.

Report author : Head of Shareholder Relations	Document date : 27th June 2013
Quality Assurance / Review : Head of Shareholder relations	File name and path: \\ois.gov.soj\sojdata\TRY\Treasury\Sections\Corporate Finance\Ministerial Decisions\DSs, WRs and SDs\2013-0057 - Transfer of £3m from DHLF to CF for the SHDL\WR - Transfer of £3m from DHLF to CF for the SHDL.doc
MD sponsor : Head of Shareholder Relations