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Information and public services for the Island of Jersey

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

Bank (Recovery and Resolution - Commencement of Law) (Jersey) Act 202-

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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  • 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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 on 3 December 2021

MINISTERIAL DECISION REFERENCE:    MD-ER-2021-0060

DECISION SUMMARY TITLE:   Draft Bank (Recovery and Resolution – Commencement of Law) (Jersey) Act 202-

DECISION SUMMARY AUTHOR:

Associate Director, Financial Services

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:   Bank (Recovery and Resolution) (Jersey) Law 2017 amendment and Commencement of Law Act

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: 

Associate Director, Financial Services

IS THE REPORT PUBLIC OR EXEMPT

Public

DECISION AND REASON FOR THE DECISION:  

The Minister decided to lodge the draft Bank (Recovery and Resolution – Commencement of Law) (Jersey) Act 202-. This will bring in to force the Bank (Recovery and Resolution) (Jersey) Law 2017, and establish the Jersey Resolution Authority.

RESOURCE IMPLICATIONS: 

Up to £55,400 has been allocated to fund the initial set-up of the Authority, which largely funds remuneration for Designate Members of the Authority. The introduction of the Law would end the need for this funding, as from 31 January 2022 the Authority would be funded by levies on banks with a licence to provide banking services in Jersey. As such, there are no immediate financial or manpower implications arising from the introduction of this Law.

 

It should be noted that the introduction of the Law provides a framework within which bank failure operates. Whilst the core purpose of the law is to protect Islanders and taxpayers from the risks of bank failure, public money has been used in some jurisdictions to support banks. This is discussed in P.134/2016.

ACTION REQUIRED: 

The Greffier of the States is requested to lodge the Commencement of Law Act for debate at the 18 January States sitting.  

SIGNATURE:

 

 

SENATOR IAN GORST

POSITION:

 

 

MINISTER FOR EXTERNAL RELATIONS AND FINANCIAL SERVICES

 

 

DATE SIGNED:     

EFFECTIVE DATE OF THE DECISION (if different)

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