Plan Plus Grant for Jersey Finance and Finance Industry Development.

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A decision made (27/05/2009) regarding: Plan Plus Grant for Jersey Finance and Finance Industry Development.

Decision Reference: MD-E-2009-0071
Decision Summary Title :	Plan Plus Grant for Jersey Finance and Finance Industry Development		Date of Decision Summary:	30 April 2009
Decision Summary Author:	Finance Industry Development Executive		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title :	Plan Plus Grant for Jersey Finance and Finance Industry Development		Date of Written Report:	30 April 2009
Written Report Author:	Finance Industry Development Executive		Written Report : Public or Exempt?	Exempt under para. 3.2.1 (a)(ix) of the Code of Practice
Subject: Plan Plus Grant for Jersey Finance and Finance Industry Development.
Decision(s): The Minister approved: the proposals set out in the Jersey Finance document “Global Financial Crisis and Implications for Jersey” (attached as Supporting Document 1) and summarised in the attached Written Report; the transfer of £67,500 (i.e. £117,500 minus £50,000 EDD discretionary reduction) to JFL in 2009 in addition to the core JFL grant; and the allocation of £50,000 to Finance Industry Development to fund an extra temporary resource.
Reason(s) for Decision: The global financial crisis has serious implications for Jersey and its financial services industry. Additional resources are required by both Jersey Finance and Finance Industry Development in order to implement a proactive programme of mitigating actions building on the positive reputational foundations already laid.
Resource Implications: The cost to the Economic Development Department will be £117,500 (£167,500 minus the EDD discretionary reduction to JFL of £50,000). There are no permanent manpower implications for the States.
Action required: £117,500 to be allocated immediately as follows: £67,500 to Jersey Finance; £50,000 to Finance Industry Development.
Signature: Senator A.J.H.Maclean		Position: Minister for Economic Development
Date Signed:		Date of Decision (If different from Date Signed):