Economic Affairs - Approved Panel Minutes - 10 August 2009

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Agenda matter

Action

1. Minutes

The Panel approved the record of its meeting held on 6th July 2009,  which  was  signed  accordingly.  The  Panel  agreed  the record of its meeting held on 3rd August, subject to agreed minor amendments.

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03/08/09 Item 1

515/17(8)

2. Depositor Compensation Scheme

The Panel received Mr D. Warr , owner of Coopers Tea and Coffee Merchants, member of the Executive Council of Jersey Chamber of Commerce and Chair of the Small Business Group, at a Public Hearing.

The Panel was advised that its agreed choice as Review adviser, Mr  J.  R.  Labrosse  of  Patterson  and  Labrosse  Financial Consultants  Ltd,  Canada,  and  founding  Member  of  the International Association of Deposit Insurers (IADI), had advised that he would be available to assist the Panel for longer than the previously  indicated  5  days  during  the  month  of  August,  if required. The Panel was further advised of the fees charged by Mr Labrosse, and noted the projected total should fall within the Panel's previously agreed budget for an adviser of £20,000. The Panel requested a contract and engagement brief to be drafted accordingly, in line with the updated information.

The  Panel  received  initial  feedback  from  the  Chairman  and Deputy G.P. Southern of their meeting in the Isle of Man on 6th August with Mr J. Aspden, Chief Executive, Financial Supervision Commission and on 7th August 2009 with representatives of the U.K. Financial Compensation Scheme in London. The Chairman and Deputy G.P. Southern undertook to provide the Panel with written feedback in due course.

The Panel was advised that all requested invitations to witnesses

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identified to attend Public Hearings had been distributed, but that none of those witnesses invited had, at that time, been able to agree a suitable date to attend. It further agreed to invite the following witness to attend a Public Hearing:

Society of Trust and Estate Practitioners (Jersey Branch)

The Panel agreed the following additional actions:

1. draft a written submission request to all Jersey banks – officer to liaise with the Chairman regarding content
2. re-draft  call  for  evidence - officer  to  liaise  with  the Chairman regarding content
3. draft a media release to publicise the evidence gathered at the Public Hearing with Mr D. Warr - officer to liaise with the Chairman regarding content.

The  Panel  was  unable  to  consider  the  draft  Review  media release as it became inquorate.

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03/08/09 Item 3 515/15(8)

3. Tourism PPP

Further to its agreement on 8th June 2009 for the Chairman to respond in writing to the Jersey Hospitality Association's request for an update on the progress of its Review, the Panel requested that the resultant letter, dated 29th July 2009, be placed on the subsequent Agenda for noting.

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03/08/09 Item 4

515/16(8)

4. Fisheries Legislation – Bag Limits

The Panel further considered the format of its report and noted that   Deputy  S.  Pitman  would,  as  previously  agreed,  forward further comments on the Panel's draft abridged report to the officer. The Panel again noted that its current priority was the Depositor  Compensation  Scheme  Review,  and  recalled  its previous decision that any further work on the report would be deferred until after completion of the aforementioned Review.

Notwithstanding its previous decision, the Panel requested the Bag Limits Review Lead Officer to re-commence work on the full draft  report,  should  the  opportunity  present  itself.  The  Panel agreed that it would complete a full report, although it would continue  to  prioritise  the  Depositor  Compensation  Scheme Review.  The  Panel  noted  that  this  work  was  unlikely  to  be possible before September due to current work and annual leave commitments, and may not be feasible until after presentation of the Depositor Compensation Scheme.

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03/08/09 Item 5

5. Annual Business Plan

The  Panel  noted  that   Deputy  S.  Pitman,   Deputy  D.J.A. Wimberley and Deputy J.M. Maçon had met on Wednesday 6th August to discuss the Panel's approach to possible work on the draft 2010 Annual Business Plan, and received initial feedback from   Deputy  D.J.A.  Wimberley.  The  Deputies  undertook  to provide written feedback to the officer in due course for collation and distribution to the Panel.

The Panel requested that the previous three Annual Business Plans should be circulated for its consideration.

SP/DW/ JM

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02/07/09 Item 3

6. Jersey Finance Ltd