Government of Jersey guarantee loans to Ports of Jersey (FOI)
Government of Jersey guarantee loans to Ports of Jersey (FOI)Produced by the Freedom of Information office
Authored by Government of Jersey and published on 08 August 2023.
Prepared internally, no external costs.
Please advise whether or not the Government of Jersey underwrites, guarantees or underpins in any other recognised manner past commercial loans to the Ports of Jersey and if this facility will apply to its recently extended borrowing capacity.
Such information has to be in the public domain if the Government of Jersey is indeed the backstop defaulting entity for such debt.
Whilst the Ports of Jersey are wholly owned by the States of Jersey and provide a vital service for Islanders, the Government of Jersey does not underwrite, guarantee or underpin in any other recognised manner the past commercial loans made to Ports of Jersey Limited (“PoJ”).
The Government of Jersey will not similarly underwrite, guarantee or underpin future borrowing arrangements entered into by PoJ in accordance with the recently approved extended borrowing capacity. This is made evident by the conditions applied to the relevant Ministerial Decision which include inter alia the stipulation “that no guarantee (explicit or implicit) nor letter of comfort to be provided by the States of Jersey.” Details of this have been published on www.gov.je and can be accessed via the link below.
Ports of Jersey Limited: Request for borrowing consent (gov.je)