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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Currency Fund Withdrawal to Consolidated Fund

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 9 February 2024:

Decision Reference:  MD-TR-2024-67

Public

Subject: Approval of the financial return of the Currency Fund

 

Report Title: WR - Approval of the financial return of the Currency Fund

Public

Decision(s):

The Minister decided to withdraw from the Currency Fund £3 million being satisfied that there remain sufficient assets in the fund after making provision for the repayment of currency in issue. The withdrawal will form the 2023 financial return to the Consolidated Fund.

Reason for Decision(s):

Under Article 7A(3)(b) of the Currency Notes and Currency Fund (Jersey) Law 1959, the Minister for Treasury and Resources is empowered to transfer all or any part of a surplus in the Currency Fund as determined by the Minister after making provision for the repayment of currency in issue.  The Minister, having taken advice from Officers of Treasury and Exchequer, is satisfied that following a withdrawal from the Fund of £3 million, the assets of the Fund, at £10.3m million in excess of the liability for Currency in Circulation, is sufficient to provide for the repayment of currency in issue.

Resource Implications: There are no manpower implications.  There are no costs associated with the transfer as the cash is readily available. The above decision will be actioned by the existing staff in Treasury and Investment Management.

 

Action Required: The Minister’s Private Secretary to advise the Head of Treasury and Investment Management that this decision has been approved, in order that the Head of Treasury and Investment Management may support the Treasurer to complete the related administration.

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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