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Revolving Credit Facility: Replacement

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.

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  • 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

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A decision made 26 May 2023:

Decision Reference:  MD-TR-2023-327

Public

Subject: Replacement of Revolving Credit Facility

 

Report Title: RCF Replacement

Exempt (Article 26)

Decision(s):

The Minister for Treasury and Resources decided to enter into a Revolving Credit Facility ('RCF') (financing arrangement) on behalf of the States of Jersey for the sum of £300 million with an Accordion Option of £200 million, as set out in the Written Report.  Under Article 28 of the States of Jersey Law 2005 a Minister may delegate, wholly or partly, functions conferred upon them by any Law to either an Assistant Minister or an officer. The Minister wishes to delegate authority to the Treasurer of the States to sign the RCF Agreement and all other documentation in relation to the RCF on his behalf.

Reason for Decision(s):

The existing RCF expired on 5th May 2023 and advice has identified renewing the facility on new terms as the most appropriate solution.   Under Article 15(1)(d) of the Public Finances (Jersey) Law 2019 the Minister may arrange financing in accordance with approvals provided through the Government Plan and Article 26(1)(c) of the States of Jersey Law 2005 provides that a Minister has the power to: (i) enter into agreements for any purpose of his or her office; (ii) acquire, hold and dispose of moveable property; (iii) do any other thing which the Minister can do by virtue of his or her office; and (iv) do anything reasonably necessary or expedient for or incidental to any of the matters referred to in the foregoing paragraphs.

Resource Implications: There are no human resource implications for the Government of Jersey arising from this decision. Management of the RCF arrangements fall within the current operation of the Treasury and Investment Management team. The finance costs in relation to the RCF will only be known in full as drawdowns are made and are already accommodated in the current Government Plan. The Minister will provide details of the incurred costs as part of the required semi-annual reporting to the States Assembly.

 

Action Required: The Minister’s Private Secretary to advise the Director of Treasury and Investment Management of the Minister’s decision.   The Treasurer of the States to sign the RCF Agreement and any other required documents.The Greffier of the States to present the updated version of the Debt Framework to the Assembly.

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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