Jersey Finance Limited: Grant Funding Approval

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A decision made 19 January 2012:

Decision Reference: MD-E-2011-0010
Decision Summary Title :	Annual Grant Funding for Jersey Finance Limited		Date of Decision Summary:	16th January 2012
Decision Summary Author:	Director, Finance Industry Development		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	n/a
Written Report Title :	Jersey Finance Limited Annual Business Plan 2012		Date of Written Report:	January 2012
Written Report Author:	Jersey Finance Limited		Written Report : Public or Exempt?	Exempt under 3.2.1(a)(ix) of the Code of Practice
Subject: Approval of annual (or core) grant funding for Jersey Finance Limited (“JFL”).
Decision(s): The Minister approved annual grant funding of £2,290,000 for JFL for 2012.
Reason(s) for Decision: JFL is a non-profit making organisation, funded largely by its finance industry members and by the States of Jersey. In accordance with the terms of the 2010 Partnership Agreement made between JFL and the Economic Development Department (“EDD”), EDD provides an annual (or core) grant to JFL to (amongst other things) represent and promote Jersey’s finance industry within and without the Island and provide technical expertise to assist Government in developing new law. The Minister is satisfied that JFL have met their responsibilities under the Partnership Agreement in providing the Business Plan and other information and documentation required under the terms of the Partnership Agreement. The Economic Development Minister has considered JFL’s Annual Business Plan for 2012 as well as reviewing performance for 2011. In light of these considerations, the Minister is satisfied that the requested level of funding is both justified and appropriate. The States of Jersey Annual Business Plan for 2012 provides for the identified level of funding to JFL.
Resource Implications: There are no manpower implications for the States. There will be a cost to the States of £2,290,000 in 2012, as provided for in the Annual Business Plan for 2012.
Action required: A purchase order to be raised and a payment made to JFL in the sum of £2,290,000.
Signature:		Position: Minister for Economic Development
Date Signed:		Date of Decision (if different from Date Signed):