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1240/5(1879)
QUESTION TO BE ASKED OF THE PRESIDENT OF THE ECONOMIC DEVELOPMENT COMMITTEE ON TUESDAY 10th JUNE 2003, BY THE DEPUTY OF ST. JOHN
Question
Will the President give details of the number of unsecured agricultural loans that are outstanding within the industry, and when these were put in place?
Answer
In answering this question I have taken the broad definition of agricultural loans. There are in fact 3 types of loans that were granted by the former Agriculture and Fisheries Committee, these are as follows-
( 1 ) those granted under the Agriculture (Loans and Guarantees) (Jersey) Law 1974, known as Agricultural
Loans;
( 2 ) those granted under the 1993 Policy Support for Small Businesses' known as Small Business Loans;
and
( 3 ) those granted outside of these two schemes, known as Discretionary Loans. It is permitted for unsecured loans to be made.
For the purposes of this question, security is deemed to be an asset of realty, owned by the debtor, over which the States hold a registered charge in guarantee of the sum outstanding. Some loans are also guaranteed by a third party. A loan is regarded as secured if a charge has been registered against assets.
There are over 200 outstanding loans made under the Agricultural Loans Scheme, of these, 8 are unsecured.
1 was granted in 1991 1 was granted in 1997 6 were granted in 1999.
There are 18 outstanding unsecured loans under the Support for Small Businesses Policy. These were granted between 1996 and 2000 and the breakdown is as follows -
3 granted in 1996 2 granted in 1997 1 granted in 1998 6 granted in 1999 6 granted in 2000.
This scheme was closed in 2000.
There are 6 unsecured loans outstanding under the heading of Discretionary Loans. These were granted between 1997 and 2000 and the breakdown is as follows -
3 granted in 1997 1 granted in 1998 2 granted in 2000
Discretionary Loans ceased in 2000.
The Economic Development Committee has decided to review the Agricultural Loans Scheme and may bring a report and proposition on this to the States in due course.