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Instruction of solicitors - Depositors Compensation Scheme Loan Agreement

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 22 December 2009 regarding: Instruction of solicitors - Depositors Compensation Scheme Loan Agreement.

Decision Reference:  MD-E-2009-0226

Decision Summary Title :

Instruction of Solicitors with regard to Depositors Compensation Scheme Loan Agreement

Date of Decision Summary:

16 December 2009

Decision Summary Author:

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title :

Instruction of Solicitors with regard to Depositors Compensation Scheme Loan Agreement

Date of Written Report:

16 December 2009

Written Report Author:

Finance Industry Development Executive

Written Report :

Public or Exempt?

Exempt under paras. 3.2.1(a)(xi) and (b)

Subject:    

Instruction of Solicitors with regard to Depositors Compensation Scheme Loan Agreement

Decision(s):  

Having carried out a tender process, the Minister decided to instruct Carey Olsen to draft a required loan agreement between the Jersey Bank Depositors Compensation Board and the States of Jersey advise him accordingly.

Reason(s) for Decision: 

The Economic Development Department approached three law firms to tender for the drafting of a required loan agreement between the Minister for Treasury & Resources and the Jersey Bank Depositors Compensation Board and for subsequent legal advice.  Carey Olsen submitted the most competitive bid.

Resource Implications: 

Financial implications are set out in the attached report.  There are no manpower implications for the States.

Action required: 

Instructions to be forwarded to Carey Olsen.

Signature:  Senator A.J.H.Maclean  
 

Position: Economic Development Minister

Date Signed: 

Date of Decision (If different from Date Signed): 

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