Energy from Waste Plant Management of Foreign Currency Exchange Risks Press Release
of the Comptroller & Auditor General |
STRICTLY EMBARGOED UNTIL 0001 ON FRIDAY 20 MARCH 2009 ‘Energy From Waste Plant: Management of Foreign Currency Exchange Risks’ Latest report from Comptroller & Auditor General Issued Comptroller & Auditor General, Chris Swinson has today (0001 Friday 20 March 2009) published a report: ‘Energy From Waste Plant: Management of Foreign Currency Exchange Risks’ which is based upon a review he has conducted recently. The review follows an announcement in January 2009 by the Comptroller & Auditor General (C&AG) that he would investigate the management of foreign currency exchange risks arising from a contract for the procurement of an Energy from Waste (EFW) Plant. The review, commissioned in accordance with the powers of the C&AG as set out in the Public Finance Law (Jersey) 2005, examined the circumstances surrounding the issues which have given rise to the public concern that the States should, but may not have, taken appropriate steps to manage their exposure to the euro risk in relation to the contract for the procurement of an Energy from Waste (EFW) Plant; and the adequacy of the arrangements that are now in place to manage the States’ future exposure to such risk in respect of the EFW procurement. The report includes a chronology of activities and key decisions taken. The conclusions and recommendations of the C&AG are set out in Section Two of the Report - ‘Summary of Conclusions’. ENDS |
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