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Public Finances (Amendment of Law) (Jersey) Regulations 2020

Made                                                                                                   24th March 2020

Coming into force                                                                           25th March 2020

THE STATES make these Regulations under Article 55 of the Public Finances (Jersey) Law 2019[1] –

1        Article 24 of the Public Finances (Jersey) Law 2019 amended

In Article 24 (authority to withdraw a specified amount) of the Public Finances (Jersey) Law 2019[2] –

(a)     in paragraphs (4) and (5) for “£10 million” there is substituted “£100 million”;

(b)     after paragraph (5) there is inserted –

“(6)    Paragraph (7) applies to the Stabilisation Fund, despite Article 5, during any period in relation to which the Minister is satisfied that –

(a)     the circumstances in paragraph (2) apply; and

(b)     those circumstances require an immediate exercise of a power set out in paragraph (7).

(7)     The Minister may do any one or more of the following –

(a)     transfer an amount, up to the balance of the Stabilisation Fund, to a fund established under this or any other Law and may direct that the amount be expended directly from that fund;

(b)     direct that an amount be expended directly from the Stabilisation Fund;

(c)     direct that an amount be transferred to the Stabilisation Fund from any fund established under this or any other Law;

(d)     arrange for a bank overdraft or bank overdraft facility, or other financing, for the Stabilisation Fund under Article 26;

(e)     if making a loan from the Stabilisation Fund under Article 27, arrange that any repayments are credited to the Stabilisation Fund.

(8)     This Law applies with the modifications in paragraph (9) during any period in relation to which the Minister is satisfied that –

(a)     the circumstances in paragraph (2) apply; and

(b)     those circumstances require the application of any modification set out in paragraph (9).

(9)     The modifications are –

(a)     in Article 4 (Strategic Reserve Fund) after paragraph (4) there is inserted –

“(5)    Despite paragraph (2), the Minister may transfer up to and including £400 million from the Strategic Reserve Fund to the Stabilisation Fund.”;

(b)     in Article 18 (power to re-allocate) paragraph (4) is deleted;

(c)     in Article 26 (financing) –

(i)      in paragraph (3) for “£3 million” there is substituted “£500 million”,

(ii)      in paragraph (4) for “£20 million” there is substituted “£500 million”;

(d)     in Article 27 (loans) –

(i)      in paragraph (1) after “Consolidated Fund” there is inserted “or the Stabilisation Fund”,

(ii)      in paragraph (2) for “£3 million” there is substituted “£100 million”,

(iii)     in paragraph (3) for “£20 million” there is substituted “£100 million”;

(e)     in Article 28 (guarantees and indemnities) –

(i)      in paragraph (2) for “£3 million” there is substituted “£100 million”,

(ii)      in paragraph (3) for “£20 million” there is substituted “£100 million”.

(10)    Paragraphs (6) to (9) expire on 30th September 2020.

(11)    Despite paragraph (10), where the Minister has obtained financing, lent money or provided guarantees or indemnities under Articles 26 to 28 while Article 24(8) applied, the financing, lending or provision of guarantees or indemnities remain valid and are not included in any monetary limits set out in Articles 26 to 28 as those Articles apply after the expiry of the modifications made by Article 24(9)(c) to (e).”.

2        Citation and commencement

These Regulations may be cited as the Public Finances (Amendment of Law) (Jersey) Regulations 2020 and come into force on the day after they are made.

l.-m. hart

Deputy Greffier of the States

 




[1]                                     L.10/2019

[2]                                     L.10/2019


Page Last Updated: 25 Mar 2020