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WRITTEN QUESTION TO THE MINISTER FOR THE MINISTER FOR ECONOMIC DEVELOPMENT BY DEPUTY M.R. HIGGINS OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 2ND JUNE 2009
Question
"Given that during the Senatorial elections in 2008, the then Minister for Economic Development advised that OXERA had been commissioned to produce a report into a Deposit Protection Scheme and that this report was vital to introducing the best possible scheme, would the Minister advise the Assembly when the OXERA report was commissioned, its terms of reference, its cost and the date on which it was to be delivered?
Would he also explain why he has produced and consulted on Draft Depositor Compensation Regulations prior to receipt of the OXERA report?"
Answer
Sir, I can confirm that in October 2008, Economic Development commissioned specialist consultants, Oxera, to conduct an economic analysis of the merits and implications of establishing a deposit compensation scheme in Jersey and into the most suitable options for designing such a scheme. The costs of the Oxera research to-date are £97,100, which is within the estimate provided to the States of £101,450.
Due to the constantly changing backdrop, as other jurisdictions have been updating their own deposit protection measures, further research and analysis has extended the completion date for the report which was finalised last week.
Economic Development has been in frequent contact with Oxera to discuss their initial findings and throughout this process prior to the formal submission of their final report.
Given the need for swift action in this case and the commitment to bring a proposal to the States by July, Economic Development has been working in parallel on the initial findings to design and consult upon a suitable scheme including the detailed elements of its operation.
This work has now been concluded and draft regulations to establish a scheme were lodged yesterday (1st June 2009) for debate by the States in July.