Dormant Bank Accounts (Jersey) Law 2017: Distribution of Jersey Reclaim Fund money

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A decision made 10 May 2024:

Decision Reference: MD-ER-2024-363		Public
Subject: Dormant Bank Accounts (Jersey) Law 2017 - Distribution of Jersey Reclaim Fund money
Report Title: Dormant Bank Accounts (Jersey) Law 2017 - Distribution of Jersey Reclaim Fund money		Public
Decision(s): In accordance with the provisions set out in Article 20 of the Dormant Bank Accounts (Jersey) Law 2017, and adhering to the requirements of Articles 2 and 3 of the Dormant Bank Accounts (Distribution of Fund Money) (Jersey) Order 2020 (the 2020 Order), including the receipt of advice from the Minister for Treasury and Resources, the Minister for External Relations gave notification under Article 4(1) of the 2020 Order to the Jersey Community Foundation Limited of his intention to transfer the sum of £1 million to the Foundation for distribution for charitable purposes.
Reason for Decision(s): In accordance with Article 3(6) of the 2020 Order, the Minister considered that economic circumstances, including the challenges being faced by a number of local charities, justified a distribution being made for charitable purposes.
Resource Implications: There are no resource implications for the Government of Jersey as a result of this decision, although it should be noted that the Jersey Reclaim Fund will be reduced by £1 million and that no further investment return will now be earned on these funds. It should be noted that this allocation of £1 million includes a payment to the Jersey Community Foundation, to a maximum of £65,000, for expenses incurred in relation to the distribution of the funds together with the ongoing monitoring of grants.
Action Required: The Minister is to notify the Jersey Community Foundation Limited in accordance with Article 4(1) of the 2020 Order.
Signature:	Signed By: Minister for External Relations
Date Signed:	Date of Decision (If different from Date Signed):