Financial Stability Responsibilities: Transfer to Fiscal Policy Panel

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A decision made 3 November 2023:

Decision Reference: MD-CM-2023-733		Public
Subject: Transfer of Financial Stability Responsibilities to the Fiscal Policy Panel
Report Title: Transfer of Financial Stability Responsibilities to the Fiscal Policy Panel		Public
Decision(s): The Chief Minister decided to stand down the Shadow Financial Stability Board and approve the transfer of its functions to the Fiscal Policy Panel, under the responsibility of the Minister for Treasury and Resources.
Reason for Decision(s): This Decision is made, in part after listening to stakeholders, as well as following the priority to require governance arrangements to support a culture of delivery and robust decision-making, enabling services to be efficient, effective and value for money, while also being transparent and accountable. The Fiscal Policy Panel provides Jersey’s Minister for Treasury and Resources and States Members with independent advice on the economy, the sustainability of public finances and fiscal policy. Expanding its role also to encompass financial stability considerations will be a more efficient, effective and value for money approach than continuing to develop a dedicated body solely to provide financial stability advice.
Resource Implications: There are no new financial and/or manpower implications arising from the signing of this decision.
Action Required: The Chief Minister's Private Office to inform the Chief Economic Advisor when the decision has been signed and for the Department to take the necessary action to transfer the shadow responsibility, and later the full responsibility, to the Fiscal Policy Panel and to stand down the members of the Shadow Financial Stability Board.
Signature:	Signed By: Deputy K.L. Moore of St. Mary, St. Ouen and St. Peter, Chief Minister
Date Signed:	Date of Decision (If different from Date Signed):