manxchatterbox Posted March 2, 2006 Share Posted March 2, 2006 apparently the "new borrowing agreement with the Isle of Man Bank" came into effect in its entirety during last month.... .....if the Corporation collected in the massive unpaid parking ticket debts then it wouldn't have to draw so on a commercial borrowing facility.... ..do further questions need to be asked as to why a commercial borrowing facility is needed...and what the terms are (set up fees / interest rates etc) ..why hasn't the Corporation borrowed from Government? (don't forget how the M.E.A. circumvented the rules and borrowed from Barclays instead of Govt and at a higher cost than it otherwise could have)... ..has the Corporation some financial circumstances its trying to hide from Government? Link to comment Share on other sites More sharing options...
manxman8180 Posted March 3, 2006 Share Posted March 3, 2006 I don't know. Honestly I don't. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted March 3, 2006 Share Posted March 3, 2006 There is only one person who can dare to ask these quetsions....yes you Manxchatterbox...pick up the mantle of Manx justice and smite the enemies of us the mortal tax payer...report back soon with your findings as I cant bear to be on the edge of my seat any longer... Link to comment Share on other sites More sharing options...
manxchatterbox Posted March 4, 2006 Author Share Posted March 4, 2006 let me just re-read the Watergate account so I know what not to do when getting the information out via a deep throat...or for the files marked with an X via man with a cigarette.. Link to comment Share on other sites More sharing options...
Declan Posted March 4, 2006 Share Posted March 4, 2006 let me just re-read the Watergate account so I know what not to do when getting the information out via a deep throat...or for the files marked with an X via man with a cigarette.. Just make sure you don't get Deep Throat from a man smoking a cigarette. Link to comment Share on other sites More sharing options...
Gladys Posted March 5, 2006 Share Posted March 5, 2006 Is this the first 3, or the second 3, in the revelations of Douglas Corpie's mis-deeds? It would be re-assuring if the champion of truth, justice and the Manx-way could count beyond 2! Link to comment Share on other sites More sharing options...
Amadeus Posted March 5, 2006 Share Posted March 5, 2006 apparently... That's enough.. At first I thought you had the IQ of an ice scraper, but then it occured to me that an ice scraper has 2 things you dont: Direction and purpose. Link to comment Share on other sites More sharing options...
Declan Posted March 5, 2006 Share Posted March 5, 2006 Strange that you are criticising MCB Amadeus - you pair have always struck me as soulmates. Link to comment Share on other sites More sharing options...
manxchatterbox Posted March 6, 2006 Author Share Posted March 6, 2006 by some miracle heard this subject dealt with on MR at lunchtime to-day. They report that instead of local authorities issuing Bonds from time to time to raise funds for specific capital projects a deal has been done whereby if they all borrow from IOM bank they will get the borrowing at a rate better than if they borrowed on their own..apparently IOM Bank won the tender.... 1) I don't remember hearing anything about tenders being invited or advertised..does anyone have any details? 2) How can borrowing from a Bank be cheaper than borrowing from Government? 3) If there is now a facility available from a bank how will ratepayers know how its being used and when and what for? 4) who is to say that borrowing from IOM Bank will always be cheaper than any other financial institution? 5) could Govt issue a bond on behalf of all local authorities to raise money from investors, deal with the admin, pay the loan interest and ensure the local authorities repay the debts? wouldn't this be better than allowing a commercial company with off island shareholders benefiting? Link to comment Share on other sites More sharing options...
manxchatterbox Posted March 8, 2006 Author Share Posted March 8, 2006 I think it was David Quirk from Onchan Comms who was on MR this am and voiced his "concerns" about the proposed new system for local authorities "borrowing" money..my biggest concern is transparency..previously a bond was issued for an amount for a purpose and eveyone knew what the money was to be spent on..now its just a facility with a bank and so its quite plausible to see that Joe Public will be even less informed about the indebtedness of the authority and what its spending its money on...am I correct?? Link to comment Share on other sites More sharing options...
Gladys Posted March 8, 2006 Share Posted March 8, 2006 Just a thought, but have you ever considered how expensive it is to administer a bond? The invitation to the public (with all the regulatory bells and whistles that entails), the applications, the issue, then all those bondholders to deal with, interest payments to make, etc. etc. Perhaps it may be a little more expensive to arrange a commercial loan in terms of the interest rate, but it may be administratively more expedient. Let's face it, the amounts involved for local government will hardly be the national debt! Note your concerns re the MEA, but that is one of the reasons, IMO, a full ruling is need on the legality of those loans. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.