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Bank (Recovery and Resolution - Amendment of Law) (Jersey) Regulations 202-

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 on 3 December 2021

MINISTERIAL DECISION REFERENCE:    MD-ER-2021-0059

DECISION SUMMARY TITLE:    Draft Bank (Recovery and Resolution – Amendment of Law) (Jersey) Regulations 202-

DECISION SUMMARY AUTHOR:

Associate Director, Financial Services

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:    Draft Bank (Recovery and Resolution – Amendment of Law) (Jersey) Regulations 202-

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: 

Associate Director, Financial Services

IS THE REPORT PUBLIC OR EXEMPT

Public

DECISION AND REASON FOR THE DECISION:  

The Minister decided to lodge the draft Bank (Recovery and Resolution – Amendment of Law) (Jersey) Regulations 202-. If adopted this will amend Article 72 of the Bank (Recovery and Resolution) (Jersey) Law 2017, and allow the contractual recognition of bail-in provision in that Law to be bought in to effect at a later data by Ministerial Order.  

RESOURCE IMPLICATIONS: 

There are no financial or manpower implications arising from the adoption of these Regulations. 

ACTION REQUIRED: 

The Greffier of the States is requested to lodge Regulations for debate at the 18 January States sitting.  

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

MINISTER FOR EXTERNAL RELATIONS AND FINANCIAL SERVICES

 

 

DATE SIGNED:     

EFFECTIVE DATE OF THE DECISION (if different)

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