20 September 2021
A consultation has been launched on proposals to improve the operation of an independent panel which assesses and advises on the risks to Jersey's financial stability.
The Financial Stability Board (FSB) examines the range, probability and impact of risks to the financial system, and advises on the best ways to minimise those risks and mitigate their likely impact on the Island's social, economic and fiscal prosperity.
The Chief Minister, Senator John Le Fondre, said: "It is important for everyone that Jersey's economy and government finances are stable and protected from financial crises as far as possible. Financial stability is about taking steps to support the stable functioning of the financial system, protecting Jersey's continued prosperity, and is an essential requirement for the smooth operation of a modern economy.
"The Government Plan 2020-23 set out plans for a FSB and this has now been operating on a 'shadow' basis for two years with the intention of fully establishing it once we had reviewed its operation. A few practical difficulties have been identified, particularly in how relevant organisations have been able to share information with the FSB, which has limited the usefulness of the advice it could give.
"We want to take measures to improve the FSB's access to relevant information as part of plans to complete the board's establishment. Under the proposed measures, the FSB would have legal gateways and duties which would enable it to operate more effectively with, for example, the appropriate access to information, appropriate interaction with relevant bodies and organisations, and appropriate enshrined independence."
The consultation will run from 20 September until 15 November and is available on gov.je/consultations.