woolley Posted July 10, 2023 Share Posted July 10, 2023 Maybe we should ask Eddie Teare to adjudicate on whether or not it's taxpayers' money. 3 Quote Link to comment Share on other sites More sharing options...
Banker Posted July 11, 2023 Share Posted July 11, 2023 Manxman entering Heysham as part of trials Quote Link to comment Share on other sites More sharing options...
Max Power Posted July 11, 2023 Share Posted July 11, 2023 On 7/10/2023 at 2:59 PM, offshoremanxman said: It’s still taxpayers money that has been lent to them. And it’s still debt the Manx taxpayer will be directly servicing for the next 30 years. How is the taxpayer servicing it? Repayments from the SPCo cover the costs of the debt so unless the company renagues on this, there is no cost to the taxpayer? Quote Link to comment Share on other sites More sharing options...
Banker Posted July 11, 2023 Share Posted July 11, 2023 24 minutes ago, Max Power said: How is the taxpayer servicing it? Repayments from the SPCo cover the costs of the debt so unless the company renagues on this, there is no cost to the taxpayer? Exactly, it’s a 30 year bond with repayment or new bond at end of term. Interest at 1.625% which is fantastic deal considering what rates are now, so £78m is £1.267.5m pa & they’re probably making £3m pa net. NO doubt if interest rates had gone wrong way the usual suspects would be shouting incompetence 2 Quote Link to comment Share on other sites More sharing options...
Gladys Posted July 11, 2023 Share Posted July 11, 2023 11 minutes ago, offshoremanxman said: If I take out a loan for £10K even if I then lend that £10K to a friend I’m still stuck repaying that loan for £10K until it’s paid off. But you would back to back the terms of the loan to you and from you. The loan would be serviced by your friend's, possibly, business and you would use the money received from your friend to pay off the person who loaned to you. The loan will be paid off by the SpCo from their revenue. I get that there is an exposure because if they fail to make repayments, IOMG are still on the hook from the bond. But it is not being serviced by the taxpayer, more accurately underwritten by them. 2 Quote Link to comment Share on other sites More sharing options...
Gladys Posted July 11, 2023 Share Posted July 11, 2023 On 7/10/2023 at 2:59 PM, offshoremanxman said: It’s still taxpayers money that has been lent to them. And it’s still debt the Manx taxpayer will be directly servicing for the next 30 years. OK. 1 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted July 11, 2023 Share Posted July 11, 2023 On 7/10/2023 at 2:47 PM, offshoremanxman said: We borrowed the money to lend to the SPC in the first place though. And we’re paying it back for the next 30 years. OK. 1 1 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted July 11, 2023 Share Posted July 11, 2023 On 7/10/2023 at 10:28 AM, offshoremanxman said: Incorrect the purchase has actually been funded by via the £400M sustainable bond that government raised about two years ago that we as taxpayers will be paying off for the next 30 years. So we most definitely paid for it and furthermore will be paying for it from our future taxes for another generation at least. The money was then lent to the SPC by Treasury. Ok Quote Link to comment Share on other sites More sharing options...
Gladys Posted July 11, 2023 Share Posted July 11, 2023 Just now, offshoremanxman said: And the word servicing is where? Do give over. You have consistently said the taxpayer will be repaying this loan, yet it has been pointed out that because it was lent on to rather SpCo it will be paid from their revenue. The word 'service' on its various forms has been used by you. BTW servicing a loan = repaying it Quote Link to comment Share on other sites More sharing options...
TheTeapot Posted July 11, 2023 Share Posted July 11, 2023 8 minutes ago, offshoremanxman said: And the word servicing or serviced is where? Right here On 7/10/2023 at 2:59 PM, offshoremanxman said: It’s still taxpayers money that has been lent to them. And it’s still debt the Manx taxpayer will be directly servicing for the next 30 years. 3 3 Quote Link to comment Share on other sites More sharing options...
Gladys Posted July 11, 2023 Share Posted July 11, 2023 On 7/10/2023 at 2:59 PM, offshoremanxman said: It’s still taxpayers money that has been lent to them. And it’s still debt the Manx taxpayer will be directly servicing for the next 30 years. Oops, there it is. 2 Quote Link to comment Share on other sites More sharing options...
Gladys Posted July 11, 2023 Share Posted July 11, 2023 6 minutes ago, offshoremanxman said: I have not used the word serviced at all. We (Treasury) have borrowed money and we (Treasury) is on the hook to pay it back to the note holders. The SPC could well default on anything in the next 20 odd years but the primary debt instrument and obligation is ours. The subordinate debt instrument is with the SPC. The possibility of the SpCo defaulting is accepted, I think. But that money could have been sunk into all kinds of nonsense where there was absolutely no commercial track record, the SpCo has a long track record of revenue generation. Quote Link to comment Share on other sites More sharing options...
Passing Time Posted July 11, 2023 Share Posted July 11, 2023 11 minutes ago, offshoremanxman said: I have not used the word serviced at all. We (Treasury) have borrowed money and we (Treasury) is on the hook to pay it back to the note holders. The SPC could well default on anything in the next 20 odd years but the primary debt instrument and obligation is ours. The subordinate debt instrument is with the SPC. Tip here for you, when you reach the bottom - stop digging 3 Quote Link to comment Share on other sites More sharing options...
Roxanne Posted July 11, 2023 Share Posted July 11, 2023 12 minutes ago, TheTeapot said: Right here He’ll be along shortly to take full accountability for his mistake and Gladys will be furnished (not serviced) with a full and frank apology. 4 Quote Link to comment Share on other sites More sharing options...
Roxanne Posted July 11, 2023 Share Posted July 11, 2023 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.