Scrutiny Panel Announces Publication of Future Hospital Funding Review

Thursday 13 April 13:15

The Corporate Services Scrutiny Panel has today published its report, which reviews the proposed funding mechanism for the future Jersey hospital. The Minister’s proposal is for a bond to be issued up to a maximum of £400 million, being repaid from returns on the Strategic Reserve.

The Panel’s review of the Treasury Minister’s proposal indicates that if a strategy of external borrowing is desired, then this is a suitable model. However, the review also draws attention to the Island finding itself potentially in the most economically unstable period for the last 70 years. With such an outlook, the Panel is concerned that only relatively minor negative changes to the States overall income, would cause such a strategy as proposed by the Minister to become financially untenable.

As such, in conjunction with their report, the Panel last week lodged an Amendment to the Proposition, setting out an alternative funding mechanism. This recommends using some of the Strategic Reserve to pay the capital cost, whilst instigating a recapitalisation mechanism. This would leave the Strategic Reserve at the same level as the Minister’s proposal, at the end of the bond repayment period.

The debate on the funding mechanism, as lodged by the Treasury Minister, commenced on the 18th and 19th of January, before being halted by a referral by States members to the Panel.

The Panel appointed two expert advisors to help evaluate the funding proposition, these being Concerto Partners LLP and Opus Corporate Finance. They have since reported back to the Panel, helping in developing the Panel’s findings.

Chairman of the Panel, Deputy John Le Fondré commented;

“We have released our report in time to give States members the ability to review our conclusions, before the debate on the 18th of April. This report, in conjunction with our 4th April Amendment, gives Members an important opportunity to decide which funding mechanism is in the best interest of the Island and future generations in this time of economic and external political uncertainty. ”

Events

  • Chamber Connection Networking Night

    › read more
  • Critical Briefing: The Intergenerational Workforce 'Recruiting, managing and inspiring the Intergenerational Workforce'

    › read more
  • Digital Jersey Hub Desk Competition Competition to give digital entrepreneurs a boost!

    › read more
  • The Channel Islands Financial Ombudsman Briefing Sessions

    › read more
  • Ibex Education - ITIL® Practitioner Certificate – Qualification for IT Service Operations – NEW DATE 3 Days - £1495.00 includes exam

    › read more
  • Ibex Education - ITIL® Foundation Certificate – Qualification for IT Service Operations 3 Days - £1,195.00 Includes exam

    › read more
  • Chamber Connection: Meet, Greet and Debate with Jersey Election 2018 Candidates

    › read more
  • Copolo & Coyde - Asbestos Awareness Half day 1.30pm start.

    › read more
  • Copolo & Coyde - Display Screen Equipment (DSE) - Workstation Assessor 1 Day

    › read more
  • Copolo & Coyde - Site Management Safety Training Scheme (SMSTS) 5 Days

    › read more

Chamber Knowledgebase

Our frequently asked questions

Contact Magazine

Click here to view the latest digital issue of the Channel Islands Business Magazine.

Jersey Airport / Harbours

The latest arrivals and departures, select a link above

Charity of Choice 2018

Click here to learn more about the vital work of the Jersey Employment Trust and how you can help.

The Benefits of Membership

Networking opportunities, including our popular luncheons
Topical seminar programme
Support and guidance on doing business in Jersey


And become one of over 500 member businesses supporting Chamber in its aim of ensuring that local business is at the heart of a thriving and diverse local economy.

Call 01534 724536
› About Chamber


Copyright © Jersey Chamber 2012 - The Jersey Chamber of Commerce welcomes your comments and views. However, the posting of comments is subject to our terms which can be read here. Comments posted by users of this site are not the Chamber's comments nor do they represent the views of the Jersey Chamber of Commerce.

↑ Back to top