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