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Financial Stability Responsibilities: Transfer to Fiscal Policy Panel

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 3 November 2023:

Decision Reference:  MD-CM-2023-733

Public

Subject: Transfer of Financial Stability Responsibilities to the Fiscal Policy Panel

 

Report Title: Transfer of Financial Stability Responsibilities to the Fiscal Policy Panel

Public

Decision(s):

The Chief Minister decided to stand down the Shadow Financial Stability Board and approve the transfer of its functions to the Fiscal Policy Panel, under the responsibility of the Minister for Treasury and Resources.

Reason for Decision(s):

This Decision is made, in part after listening to stakeholders, as well as following the priority to require governance arrangements to support a culture of delivery and robust decision-making, enabling services to be efficient, effective and value for money, while also being transparent and accountable.  The Fiscal Policy Panel provides Jersey’s Minister for Treasury and Resources and States Members with independent advice on the economy, the sustainability of public finances and fiscal policy. Expanding its role also to encompass financial stability considerations will be a more efficient, effective and value for money approach than continuing to develop a dedicated body solely to provide financial stability advice.

Resource Implications: There are no new financial and/or manpower implications arising from the signing of this decision.

 

Action Required: The Chief Minister's Private Office to inform the Chief Economic Advisor when the decision has been signed and for the Department to take the necessary action to transfer the shadow responsibility, and later the full responsibility, to the Fiscal Policy Panel and to stand down the members of the Shadow Financial Stability Board.

Signature:

 

 

Signed By: Deputy K.L. Moore of St. Mary, St. Ouen and St. Peter, Chief Minister

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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