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Ports of Jersey Limited: Request for borrowing consent

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.

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A decision made 21 July 2023:

Decision Reference:  MD-TR-2023-460

Public

Subject: Ports of Jersey Ltd – request for borrowing consent

 

Report Title: Ports of Jersey Ltd – request for borrowing consent

Exempt (Article 26)

Decision(s):

The Minister for Treasury and Resources decided to approve Ports of Jersey Limited ('PoJL') entering into debt financing arrangements of up to £150 million (an increase of £90 million from their current limit of £60 million), subject to the following conditions: PoJL to fully brief the Minister on the final arrangements to be put in place, before they are formally agreed; PoJL to provide the Minister with the final Outline Business Case for the Harbour Master Plan when approved by the PoJL Board; and no guarantee (explicit or implicit) nor letter of comfort to be provided by the States of Jersey.

Reason for Decision(s):

Paragraph 7.1.5. of Schedule 2 of the Memorandum of Understanding between PoJL and the Minister requires that PoJL seek the consent of the Shareholder before it “borrows any sum or factors any Material book debts ...".

Resource Implications: There are no resource implications for the Government of Jersey arising from this decision.  All finance costs are borne by PoJL.

 

Action Required: The Minister’s Private Secretary to inform the Head of Shareholder Relations that this decision has been approved.  Head of Shareholder Relations to inform PoJL’s Chief Finance Officer that this decision has been approved.

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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