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Le Don de Faye Trust - Movement of Funds.

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

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A decision made (09/07/2009) regarding: Le Don de Faye Trust - Movement of Funds.

Decision Reference:  MD-TR-2009-0113

Decision Summary Title:

Le Don de Faye Trust Fund movement of Funds

Date of Decision Summary:

7 July 2009

Decision Summary Author:

Dawn Rabet

Strategic Investments Manager, Treasury

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

N/A

Person Giving

Oral Report:

N/A

Written Report

Title:

Movement of funds from Bank Deposits to Cash Managers

Date of Written Report:

7 July 2009

Written Report Author:

Dawn Rabet

Strategic Investments Manager, Treasury

Written Report :

Public or Exempt?

Exempt 

3.2.1 (a) (xii)

Subject:

Change in the investments of the Fund from bank deposit to the States Cash managers (RLAM)

Decision(s):

The Minister for Treasury and Resources approved the transfer of monies held on bank deposit to  the States Cash Managers, Royal London Asset Management.

Reason(s) for Decision: 

The Public Finances (Jersey) Law 2005 and its associated financial directions provides that an instrument established for a special fund or trust can provide for the way the money is invested (Article 6 (5)) 

The Le Don de Faye Will probated on 29th April 1959, (now the Trust Fund), states that the Committee of the States of Jersey (then called the Finance Committee) now Treasury and Resources Minister may direct the investments of the Fund. The Treasurer is responsible for the execution of these directions. 

The reason for the decision to move the cash deposits to Cash managers is to maximise the return, retaining minimum risk to the Fund in the short term whilst a strategy is being developed for the “Common Investment Fund.”

Resource Implications:

None, other than that indicated in the attached report.

Action required:

Strategic Investments Manager to instruct the Investments team to open up sub accounts with RLAM under the existing agreement and to transfer monies as appropriate

Signature: 
 
 

Position:

Senator  P F C Ozouf,

Minister for Treasury and Resources

Date Signed:

Date of Decision: 

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