Corporate Services - Approved Panel Minutes - 11 August 2015

Present

Deputy J.A.N. Le Fondré, Chairman Deputy S.J. Brée, Vice-Chairman Deputy K.C. Lewis

Apologies

Connétable C.H. Taylor

Absent

In attendance

Mr T. Oldham , Scrutiny Manager Mrs J. Hales , Scrutiny Officer

Ref Back

Agenda matter

Action

Item 1 07.08.15

513/46

1. Jersey International Finance Centre

The Panel considered its draft Summons to require the States of Jersey Development  Company  (SoJDC)  to  provide  it  with  the  pre-let agreement between SoJDC and UBS, the funding agreement between SoJDC and HSBC and the construction contract between SoJDC and Camerons,  together  with  any  side  letters  and  other  documentation pertaining  to  these  agreements.  It  further  considered  draft correspondence to UBS, HSBC and Camerons to voluntarily provide the Panel with their respective aforementioned agreements together with  any  side  letters  and  other  documentation  pertaining  to  these agreements.

The  Panel  received  and  considered  in  depth  advice  regarding  the summons  process,  and,  in  addition,  the  range  of  potential consequences that might occur in pursuing the course of action under consideration.

Having discussed those matters, the Panel agreed that it would proceed to issue the Summons and circulate the correspondence, subject to minor agreed changes.

The Panel began consideration of the draft report received from its advisers, Ernst and Young, and discussed the appropriate scope of the feedback that it should provide, noting that this would best focus on points of technical clarification. It was noted that the Vice-Chairman would not be able to attend the subsequent meeting on 18th August. His acceptance of the report as drafted was recorded, although it was noted that final points of technical clarification may be identified by the Panel at its next meeting, which may in turn be raised with the advisers prior to formal submission of their final report.

JH