Section 34Part 0 — Powers and Duties of Minister of Finance
Powers relating to specific financial transactions
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Subject to subsection (3), the Minister of Finance may, on behalf of the Cabinet —
borrow money;
make a loan;
give a guarantee; and
enter into any financial transaction or financial obligation for the purpose of avoiding or reducing an adverse impact on executive assets, executive liabilities, executive revenue, or executive expenses, that may be caused by currency or interest rate fluctuations, or by credit, liquidity or funding risks,
on such terms and conditions as the Cabinet may determine.
Subject to section 33, no person other than the Minister of Finance may enter into any transaction of a kind referred to in subsection (1).
The Minister of Finance shall not —
borrow money on behalf of the Cabinet, unless the borrowing —
has been authorised by an appropriation;
is consistent with the statement of borrowings included in the plan and estimates or supplementary plan and estimates for that financial year; and
has been approved by the Foreign and Commonwealth Office of the United Kingdom, where any of the principles of responsible financial management specified in section 14(3)(c), (d) or (e) are in breach;
make a loan, unless the loan —
has been authorised by an appropriation; and
is consistent with the statement of loans included in the plan and estimates or supplementary plan and estimates for that financial year;
give a guarantee, unless the guarantee has been authorised by resolution of the Cayman Islands Parliament.
Defined Terms
financial transactionexecutive assetsexecutive liabilities
Cross References
- Section 14 of Public Management And Finance Act
section 14(3)(c), (d) or (e)