simon Posted December 1, 2004 Share Posted December 1, 2004 When was the MEA loan put out to tender / When does this loan date from? Neither scenario smells good though. Either: 1. The MEA arranged the Barclays loan first - and some time later Mr Proffitt was, coincidentally, also appointed as "as non-executive chairman of Barclays Private Clients International Ltd". Or 2. The MEA arranged the loan with Barclays after Mr Proffitt had been, also, appointed by Barclays. Apart from the mad crazy business of whether or not the IOM Treasury knew what was being done in its name. Well surely someone at Barclays would have guessed that perhaps this wasn't going to look so good. And heck .... don't the MEA have to produce annual accounts including details of current assetts and liabilities? And don't these accounts have to be submitted to Treasury. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted December 1, 2004 Share Posted December 1, 2004 someone at Barclays would have guessed that perhaps this wasn't going to look so good I guess for them its really a win win situation. They were able to book a loan, at a rate well over FHBR, secured by the Government. What Bank is going to turn that down. Maybe the same position exists over the incinerator sale/leaseback? Link to comment Share on other sites More sharing options...
The Old Git Posted December 1, 2004 Share Posted December 1, 2004 Neither scenario smells good though. Agreed, I was just trying to get the time line of events clear in my head It would certainly be handy for Barclays if they were tendering for a loan and one of their directors was head of the company asking for the loan Well surely someone at Barclays would have guessed that perhaps this wasn't going to look so good. Perhaps they think they can get away with it? After an initial bit of bad publicity what's going to happen? Link to comment Share on other sites More sharing options...
Billy One Mate Posted December 1, 2004 Author Share Posted December 1, 2004 What is important in all this is what was the additional 120 million for. Please dont forget that the Pulic was told that the 185 million bond was for the new power staion, the gas pipeline and the cable link to the national grid. 120 million over expenditure??????? Link to comment Share on other sites More sharing options...
Ripsaw Posted December 1, 2004 Share Posted December 1, 2004 You could almost build a new Hospital for that ammount Link to comment Share on other sites More sharing options...
surfer Posted December 1, 2004 Share Posted December 1, 2004 I have heard from a senior source in keys that this "may topple the government, and there a real fears of this now to put it in perspective compare us with the UK, for everything in the UK you divide by 800 to get to the equivilant national average of a thing for the IOM. Put the other way you would multiply by 800 to compare with the uk so a 120 million debt for the isle of man as a nation would be a similar thing to something in the region of 900 billion for the UK, which if there was a debt of this size in the UK there would be big problems. Coupled with the fact that the Island lost somewhere in the region of 250 million on the stock market and has less than 1 billion in finances in total you can now see a major chunk has gone missing." I'm not really sure of what to make of what ever he was saying and maybe its doom and gloom but i guess time will only tell..As long as they dont have to increase taxes and bills further....Job cuts from civil service? Link to comment Share on other sites More sharing options...
Upstream Posted December 1, 2004 Share Posted December 1, 2004 Doom and gloom? No not at all. We have been led by donkeys. Greedy and egotistical ones at that. We have less than half the population of Warrington or Aberdeen - how on earth have we got away with it for so long? Probably the best thing to come out of a major shake-up under the Westminster spotlight would be to shake up our legal system. The little boys and girls on Athol Street charging out major QC rates when they are doing little more than 2 bit town lawyers job. Maybe we should all have taken the examples shown by our leaders and formed a new motto: By hook or by crook - get it while its there. Link to comment Share on other sites More sharing options...
WilDDog Posted December 1, 2004 Share Posted December 1, 2004 Surfer Wrote but i guess time will only tell..As long as they dont have to increase taxes and bills further....Job cuts from civil service? I bet they do all those before it's over and how much is the internal enquiry into it going to cost? they're bound to have one of those. Link to comment Share on other sites More sharing options...
Observer Posted December 1, 2004 Share Posted December 1, 2004 How many more extremely expensive bloody enquiries are we going to have to shell out for governmental incompetence? Link to comment Share on other sites More sharing options...
Mission Posted December 1, 2004 Share Posted December 1, 2004 Maybe they should invoke performance related pay. Link to comment Share on other sites More sharing options...
thebees Posted December 2, 2004 Share Posted December 2, 2004 If the MEA miss repayments will Barclays repossess the Power station? Link to comment Share on other sites More sharing options...
WilDDog Posted December 2, 2004 Share Posted December 2, 2004 If the MEA miss repayments will Barclays repossess the Power station? <{POST_SNAPBACK}> More than Likely. Hey you might be able to pick up a bargain there. Link to comment Share on other sites More sharing options...
Mission Posted December 7, 2004 Share Posted December 7, 2004 Surprised to see this hasn't been bumped back up. Just under £300 million total cost of power station and over a third of that was on loan repayments! Very worrying indeed. Link to comment Share on other sites More sharing options...
Billy One Mate Posted December 8, 2004 Author Share Posted December 8, 2004 How is the profit on supply of electricity going to meet these interest repayments??? Assuming 30000 users at an average of £1,000 per annum turnover would be 30 million. Say 20% profit margin only 6 million available for interest payments on 295 million. Interest payments are likely to be in the region of 15 million with no Capital Repayments. These are very hypothetical figures and I think many would like to see how this is actualy intended to work. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted December 8, 2004 Share Posted December 8, 2004 or barclays get a massive tax write off against future profits....or get presented with a high yield government bond...they cant really lose!! Proffitt by name..... Link to comment Share on other sites More sharing options...
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