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COVID-19 Pandemic - Initial Economic and Financial Response

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Policy & Resources Committee - P.2020/58

Proposition in pursuance of Rule 18 submitted by the President of the Policy & Resources Committee
 

The States are asked to decide:

Whether, after consideration of the policy letter entitled 'Covid-19 Pandemic - Initial Economic and Financial Response' of the Policy & Resources Committee, they are of the opinion:

1. To delegate authority to the Policy & Resources Committee to approve measures that give direct financial assistance to companies or individuals, at a maximum cost of £30million, to be funded from the General Revenue Account Reserve.

2. To increase the existing authority for the Policy & Resources Committee to make available a temporary overdraft facility to Aurigny or guaranteeing external facilities by £27million to a maximum of £52.7million in 2020.

3. To delegate authority to the Policy & Resources Committee to undertake such negotiations, as may be necessary, to facilitate a loan guarantee scheme, for additional loans only, and to provide, on behalf of the States of Guernsey, underwriting guarantees of up to 80% of lending effected pursuant to the scheme in respect of Bailiwick businesses up to a maximum of £40million.

The above Propositions have been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4 (1) of the Rules of Procedure of the States of Deliberation and their Committees.

 

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Covid 19 Pandemic - Initial Economic and Financial Response

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