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Dormant Bank Accounts (Jersey) Law 2017: Distribution from Jersey Community Foundation Limited

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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A decision made on 9 July 2020

MINISTERIAL DECISION REFERENCE:    MD-ER-2020-0057

DECISION SUMMARY TITLE:  Dormant Bank Accounts (Jersey) Law 2017 - Article 20 – distribution from the Fund

DECISION SUMMARY AUTHOR:

Lead Policy Advisor, Financial Services

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

 

REPORT TITLE:  DORMANT BANK ACCOUNTS (JERSEY) LAW 2017 – ARTICLE 20 – distribution from the Fund

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

Lead Policy Advisor, Financial Services

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

The Minister for External Relations (to whom responsibility for the Law has been transferred pursuant to R&O 040-2019), having considered the terms of the Dormant Bank Accounts (Distribution of Fund Money) (Jersey) Order 2020 (the “Order”), and the relevant factors detailed within that Order as matters for his consideration, and having consulted the Minister for Treasury and Resources as set out in the Order, approved the payment of up to £2,000,000 (two million pounds sterling) from the Jersey Reclaim Fund, to the independent organisation appointed pursuant to the terms of Article 20 of the Dormant Bank Accounts (Jersey) Law 2017, namely the Jersey Community Foundation Limited (JCFL),  for distribution for the charitable purposes specified within the Law, according to the agreed Service Level Agreement.  The said payment to be made in tranches of £500,000 according to need and in agreement with the independent organisation.

Further, the Minister for External Relations, approved the terms of the aforementioned Service Level Agreement governing the relationship with JCFL in relation to the distribution, and signed the Service Level Agreement.   He also approved the payment of a maximum of £42,500 to JCFL in relation to initial costs incurred to establish and to enable the provision of the services.

RESOURCE IMPLICATIONS:

Save for the ongoing requirements to monitor the provision of services by the independent organisation, there are no additional resource implications for the States of Jersey as a result of this decision.  Any costs arising in relation to the distribution are recoverable from the Jersey Reclaim Fund.

ACTION REQUIRED:

Notice is to be given to the relevant Treasury officer to take the appropriate steps to arrange initial payment of £500,000 (five hundred thousand pounds sterling) from the Jersey Reclaim Fund to the JCFL, for distribution for charitable purposes, according to the terms of the Service Level Agreement, and to amend the records accordingly.  The further payments are to follow.  A copy of the duly signed Service Level Agreement is to be provided to the JCFL.  Payment is to be made to JCFL in the maximum sum of £42,500.

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

MINISTER FOR EXTERNAL RELATIONS

 

 

DATE SIGNED

EFFECTIVE IMMEDIATELY

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