Accountability to Scottish Ministers and Parliament Appoint Governor (and possible Deputy Governor(s)) of SMI Being undertaken Sep 2014 Existing Staff + SMI Governor Already captured in point b) of Robust and workable monetary consultancy fees and Deputies system as part of a Sterling union for technical plus initial support support Establish resource requirements (based on agreed remit and responsibilities) Captured in i) of New SMI of SMI Deliver Vision of (subject to Macroeconomic negotiation) Stability Deliver a (incorporated c)). 18 months and 2016 Captured in i) of New SMI Staff – Accommodation and IT facilities; longer (phased in Deliver Vision of (subject to Corporate functions (HR, payroll, Finance, facilities management, to 2018’ Macroeconomic negotiation) ‘post insurance, procurement, security). NB: depends on decision to set up as requirements) Stability Agency or NDPB; 20-40 at Consideration and implementation of appropriate assessments (Strategic various grades Environmental Assessment, Business and Regulatory Impact Assessment envisaged & Equality Impact Assessment); initially. Recruit and appoint initial set of staff; Comms & engagement strategy with key stakeholders; If the SMI was Corporate functions including branding and website. to adopt further functions it would require more staff – estimates are for the SMI taking on limited functions Agree arrangements for data sharing and international reporting working in 18 months and March 2016 Captured in i) of – conjunction with the SMI, EU institutions and FSB. longer (phased in Deliver Vision of to 2018’ Macroeconomic ‘post requirements) Stability above
Accountability to Scottish Ministers and Parliament Appoint Governor (and possible Deputy Governor(s)) of SMI Already captured in point b) of Robust and workable monetary system as part of a Sterling union Being undertaken Sep 2014 Existing Staff + consultancy fees for technical support SMI Governor and Deputies plus initial support Establish resource requirements (based on agreed remit and responsibilities) of SMI Captured in i) of Deliver Vision of Macroeconomic Stability New SMI (subject to negotiation) Deliver a (incorporated c)). Accommodation and IT facilities; Corporate functions (HR, payroll, Finance, facilities management, insurance, procurement, security). NB: depends on decision to set up as Agency or NDPB; Consideration and implementation of appropriate assessments (Strategic Environmental Assessment, Business and Regulatory Impact Assessment & Equality Impact Assessment); Recruit and appoint initial set of staff; Comms & engagement strategy with key stakeholders; Corporate functions including branding and website. 18 months – and longer (phased in to ‘post 2018’ requirements) 2016 Captured in i) of Deliver Vision of Macroeconomic Stability New SMI Staff (subject to negotiation) 20-40 at various grades envisaged initially. If the SMI was to adopt further functions it would require more staff – estimates are for the SMI taking on limited functions Agree arrangements for data sharing and international reporting working in conjunction with the SMI, EU institutions and FSB. 18 months – and longer (phased in to ‘post 2018’ requirements) March 2016 Captured in i) of Deliver Vision of Macroeconomic Stability above
Scottish%20Monetary%20Institute%20-%20transition%20plan.docx