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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Utilisation of the Revolving Credit Facility for Fiscal Stimulus Fund

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.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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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

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

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:

 

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