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Housing Development Fund: Les Vaux Housing Trust: Approval of Loan - Dun Na Ri, 95 St. Saviour's Road, St. Helier

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.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • 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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 23 February 2018:

Decision Reference:  MD-TR-2018-0026

Decision Summary Title:

Housing Development Fund – Les Vaux Housing Trust: Approval of loan – Dun Na Ri, 95 St Saviours Road, St Helier.

Date of Decision Summary:

20th February 2018

Decision Summary Author:

Head of Shareholder Relations

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Housing Development Fund – Les Vaux Housing Trust: Approval of loan – Dun Na Ri, 95 St Saviours Road, St Helier.

Date of Written Report:

20th February 2018

Written Report Author:

Head of Shareholder Relations

Written Report :

Public or Exempt?

Exempt – FOI Art. 33

Subject:

Housing Development Fund – Les Vaux Housing Trust: Approval of a loan in the sum of £1,250,000 for the purchase of Dun Na Ri, 95 St Saviours Road, St Helier.

Decision(s):

The Minister for Treasury and Resources:-

  • approved the loan in the sum of £1,250,000 at an interest rate of 4.3% to Les Vaux Housing Trust for a period of 36 years expiring in 2054 and on the basis of the Loan Schedule, attached as Appendix 1 to the accompanying written report.
  • approved a loan agreement based on the model loan agreement approved in MD-TR-2014-0084 be prepared. This should include a provision to be developed by the Law Officers’ Department in order that security is taken over the property.
  • authorised the Treasurer of the States to sign the Loan Agreement in accordance with this Ministerial Decision and ensure that the States are notified of the issuance of the new loan agreement in accordance with Regulation 13(4) of the Public Finances (Transitional Provisions)(No. 2) (Jersey) Regulations 2005.

 

Reason(s) for decision:  

The loan is required to enable Les Vaux Housing Trust to acquire the property known as Dun Na Ri, 95 St Saviours Road, St Helier. The loan will be repaid from rental income generated from this property. This is in support of P.33/2013: The Reform of Social Housing.

 

The States in approving P.129/2014 on 22nd September 2014 agreed that the Minister could lend under Article 3(3)(b) of the Public Finances Law, 2005, to Housing Trusts / Associations / Companies or bodies with the same purpose registered in Jersey.

In accordance with Regulation 13(4) of the Public Finances (Transitional Provisions)(No. 2) (Jersey) Regulations 2005 the Minister for Treasury and Resources must, at periods of no longer than 6 months, report to the States any additional lending under this Regulation.

Resource Implications:

There are no additional resource implications, financial or manpower as a result of this decision.

Action required:

The Head of Decision Support to notify the Head of Shareholder Relations once this decision has been approved.

 

The Head of Shareholder Relations to produce the necessary loan agreement, based on the Model Loan Agreement approved in MD-TR-2014-0084 for signing by the Treasurer of the States. This to incorporate a provision developed by the Law Officers’ Department in order that security is taken over the property.

 

The Head of Shareholder Relations to advise the Treasurer of Les Vaux Housing Trust that the Loan request has been approved and that the Loan agreement is being produced.

Signature:

 

 

Position: Senator A J H Maclean, Minister for Treasury and Resources

 

Date Signed:

 

Date of Decision:

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