Addie Posted November 29, 2004 Share Posted November 29, 2004 Quote from concrete From one standpoint it says a lot about the Isle of Man government if the NED MEA can get a £120,000,000 loan, spend it and without anyone in the government knowing. Actually is laughable. Don't you just love the game of Pots 'n Kettles? Link to comment Share on other sites More sharing options...
slinkydevil Posted November 30, 2004 Share Posted November 30, 2004 I'm sharpening my pitchfork now! Come the revolution.... Off with their heads! Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted December 1, 2004 Share Posted December 1, 2004 A couple of questions:- Who lent them the money? At what interest rate? Was the loan put out to tender? Was the loan made directly to the MEA? If yes, why was this not approved by Tynwald? If no, then was a conduit company used? Were any of the parties related (i.e. the Chief Execs of the Lender and the MEA for example) Link to comment Share on other sites More sharing options...
manxman8180 Posted December 1, 2004 Share Posted December 1, 2004 I think the Bank concerned was Barclays, not too sure on the rest. Althought there was a connection between the organisations muted somewhere yesterday, but not sure...... .....scandal, depravity...love it Link to comment Share on other sites More sharing options...
happy camper Posted December 1, 2004 Share Posted December 1, 2004 Big connection between bank and MEA. They look so alike they could be twins! Except there's only one of them... Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted December 1, 2004 Share Posted December 1, 2004 Thats kind of what I was alluding to....so in a nutshell... Bank lends large amount of money (without a tender process) at a preferential rate (for the bank) to a Government body (albeit not necessarily headlined as the MEA itself) and when found out Chief Exec resigns from MEA (where the financial mess is) but stays on at Bank (where the benefit of a high interest Govt secured loan accrues) Hmmmmm...... Link to comment Share on other sites More sharing options...
manxman8180 Posted December 1, 2004 Share Posted December 1, 2004 Big connection between bank and MEA. They look so alike they could be twins! Except there's only one of them... <{POST_SNAPBACK}> I'm sorry, I must have been a bit slow to pick up on this connection..... Anyway, it makes the whole story much more intriguing doesn't it. Make your own mind up after looking at this. edit = typo Link to comment Share on other sites More sharing options...
simon Posted December 1, 2004 Share Posted December 1, 2004 Bloody hell. That link from 8180! Is Manx Radio reporting the connection? The BBC would. Link to comment Share on other sites More sharing options...
FCMR Posted December 1, 2004 Share Posted December 1, 2004 The loan was tendered for by three Banks, Barclays won and provided the loan, the money was borrowed by a Company called the Manx Cable Company. the loan/s were £85 and £35 Million and there may be others. The CM was asked in Tynwald was any member of the MEA or MCC connected with the Bank, the CM declined to answer. On the original loan by way of a bond in 2001 was £185 million, broke down as follows. £35 million was for a wind farm, has it been built yet, £80 million for a new power station, £50 million for the cable, this comes to £165 million what happened to the other £20 million. Allan Bell said yesterday that the Governmenent knew nothing about the 2nd loan, but the MEA are saying that they got Government approval. The Mount Murry scandal was nothing compared to this. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted December 1, 2004 Share Posted December 1, 2004 What an apt surname!! Again another deal involving Govt depts and local financial institutions. Incinerator anyone??? The difficulty is that our politicians do not have the nouse to spot these types of things. The brains are in the private sector. Oh well it could be worse..... Link to comment Share on other sites More sharing options...
Ripsaw Posted December 1, 2004 Share Posted December 1, 2004 When I arrived on this fair Isle I understood that the Manx Ecconomy was in great condition, meaning that it didn't have any debt, nor was it allowed to have debts... Was this just a romantic notion, or is/was this theory based on fact? Link to comment Share on other sites More sharing options...
Addie Posted December 1, 2004 Share Posted December 1, 2004 So have all the pugilists entered the ring yet? I think not. Shock, horror! Money loaned to the MEA spent on the MEA? Hard hats handed out. Mr Bell, not quite fresh from the Mount Murray debacle, must be nervously climbing into his fireproof suit whilst straightening his CM's tie. Mr Corkill, still making headlines of his own, must be donning his regulation COMIN issue gas mask (a few of these for the rest of us would be appreciated). The Minister for Trade and Industry? Will probably feel the need to slip off to view the latest in Scotchguard's latest invisible overcoats. Meanwhile, the seemingly under-used Mr Karran listed by member should join a gym to prepare himself to fight off all comers. So, when they're all in there, and they've all knocked seven bells out of each other, who'll be left to do the damned work? Link to comment Share on other sites More sharing options...
simon Posted December 1, 2004 Share Posted December 1, 2004 The CM was asked in Tynwald was any member of the MEA or MCC connected with the Bank, the CM declined to answer.I wonder why he declined to answer. I wonder what he was thinking. Surely that connection is a simple matter of fact. It isn't hearsay, rumour or speculation. It's on the Barclays website. Link to comment Share on other sites More sharing options...
Doric Posted December 1, 2004 Share Posted December 1, 2004 Power stations and £milllions looks like theirs a new monty burns on the block Link to comment Share on other sites More sharing options...
manxman8180 Posted December 1, 2004 Share Posted December 1, 2004 The difficulty is that our politicians do not have the nouse to spot these types of things. The brains are in the private sector. Oh well it could be worse..... <{POST_SNAPBACK}> It is perhaps a major flaw in the system of 'one party' politics. Meaning there is no effective opposition to dig and sniff these things out at the outset, rather than them being 'discovered' at a later date, when effectively it's too late. I know there is supposed opposition within Tynwald but they are, at the least, inneffective. Barring a couple of names, which we all know, nobody is prepared to rock the boat in the current Tynwald sea of apathy. When I arrived on this fair Isle I understood that the Manx Ecconomy was in great condition, meaning that it didn't have any debt, nor was it allowed to have debts... I think that as long as the Debt is manageable it is no bad thing to use other peoples money and keep a healthy reserve for the Country. It is when this debt spirals out of control, or becomes too expensive in terms of repayments that trouble mounts. It would be interesting to see the level of debt compared to the National reserve. The last figures I was aware of showed just over a billion in reserve funds (i.e. investments and cash), but I 've no idea about borrowings....... Anyone? Link to comment Share on other sites More sharing options...
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