Debt Relief for Poorer Countries: Green Paper Consultation

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A decision made 14 September 2011 regarding:

Decision Reference: MD-C-2011-0116
Decision Summary Title :	Green Paper Consultation on Debt Relief for Poorer Countries		Date of Decision Summary:	13 September 2011
Decision Summary Author:	International Relations Officer		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:
Written Report Title :	Green Paper Consultation on Debt Relief for Poorer Countries		Date of Written Report:	13 September 2011
Written Report Author:	International Relations Officer		Written Report : Public or Exempt?	Public
Subject: Green Paper Consultation on Debt Relief for Poorer Countries
Decision(s): The Chief Minister agreed to present a Green Paper Consultation on Debt Relief for Poorer Countries as a report to the States Assembly. The Consultation closing date would be 8th December 2011.
Reason(s) for Decision: The Chief Minister wished to sight States Members on a soon to be issued consultation on whether Jersey should enact legislation to limit practices that could undermine international debt relief efforts and to confirm the composition of the high level working group working on this issue.
Resource Implications: There are no financial or manpower implications arising from this decision.
Action required: The Chief Minister requested that the attached report is presented to the States Assembly for their information as soon as possible.
Signature:		Position: Senator T.A. Le Sueur, Chief Minister
Date Signed:		Date of Decision (If different from Date Signed):

Debt Relief for Poorer Countries: Green Paper Consultation

Ministerial Decision Report

REPORT: Green Paper Consultation on Debt Relief for Poorer Countries

On 7 June 2011, and following an oral question from the Deputy of St Mary, I explained to members that a high level working party had been constituted to consider the issue of vulture funds, particularly in the context of the Debt Relief (Developing Countries) Act 2010 having been enacted and made permanent in the UK.

I undertook to Deputy Southern to confirm the composition of the high level working party. The principal members of that working party include:

Attorney General (Timothy Le Cocq)

Chief Minister's Advisor, International Affairs (Colin Powell)

Director, International Affairs (Tom Walker)

Director, International Finance (Martin de Forest Brown)

Director, Finance Industry Development (James Mews)

Director, International and Policy at Jersey Financial Services Commission (Andrew Le Brun)

Technical Director, Jersey Finance Limited (Heather Bestwick)

The working party have met several times to examine the UK legislation and to consider the case for enacting similar legislation in Jersey.

Members will be aware that the introduction of the UK Act was not by any means uncontentious. Substantive arguments both for and against the legislation were presented with equal force in response to the HM Treasury consultation and the fact that the Act initially contained a one year 'sunset clause' stage is revealing, perhaps, of persisting uncertainties over the Act's legal and practical impact.

The working party have concluded that the issues are of sufficient complexity and public interest to merit a public consultation. In keeping with this conclusion, my Department is set to publish a Green Paper, a copy of which is attached. We hope that as many States Members, institutions and members of the public as possible will take time to consider the issues set out in the Green Paper and respond in ways which will further inform the debate. To that end we have waited to issue this consultation until after the summer recess when as many States members as possible will be available to signal their views.

There are no financial of manpower implications arising from this decision.