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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY THE DEPUTY OF ST. JOHN
ANSWER TO BE TABLED ON TUESDAY 8th SEPTEMBER 2009
Question
On 31st March 2009, in response to my written question regarding the hedging of funds in relation to the Energy for Waste Plant hedging of funds, I was advised that as a disciplinary process was underway the Minister was unable to comment at that stage. Given that many months have passed would the Minister now be in a position to advise why the pre-purchase of Euro funds was not put in place at an early stage and why it is still not in place?
Given that Euros come into the Airport/Harbours daily, would the Minister advise whether this money is collected on a daily/weekly basis and used to support the funding of the Energy from Waste Plant or transferred to a bank and charges paid?
Answer
A policy regarding the funding of the Euro element for the Energy from Waste Plant has been in place since December 2008. The Comptroller and Auditor General's comprehensive report of March 2009 details the situation with regard to why Euros were not pre-purchased in November 2008.
Euro income received by the Airport and Harbours relates to the operation of the Channel Island Air Control Zone. This will total 17.6 million over the next two and a half years. This income has been matched against forecast expenditure on the Energy from Waste Plant and will be used to fund these payments over the next three years. This eliminates exposure on a significant value (17.6 million) of the EfW contract and avoids associated banking and administrative costs.