crumlin Posted November 22, 2005 Author Share Posted November 22, 2005 The Treasury Minister of the Island has admitted that the Government got shafted by the bank that loaned the money to the MEA. Because the MEA did not get the Guarantee from the IOM Government a higher interest rate was charged on the illegal loan, Now that the Government has paid off the loan they should have got the same rate as that on the loan they guarateed, but guess what they forgot to put this in order before paying off the loan costing the taxpayer an extra £600k, what a bunch of tossers. And they lost a further £150k on the Manx cable loan, thats a lot of first time buyer homes. Link to comment Share on other sites More sharing options...
P.K. Posted November 22, 2005 Share Posted November 22, 2005 In the last 10 days gas prices have doubled in the UK. What a sound investment that pipeline was! Paging Chinahand to thread. Time to try and back up your mates again....... Link to comment Share on other sites More sharing options...
simon Posted November 22, 2005 Share Posted November 22, 2005 And they lost a further £150k on the Manx cable loan, thats a lot of first time buyer homes. £150K isn't that many first time buyer homes. Maybe 2 at a big push. Not saying that the Barclays loans weren't very iffy, of course. Link to comment Share on other sites More sharing options...
crumlin Posted November 22, 2005 Author Share Posted November 22, 2005 And they lost a further £150k on the Manx cable loan, thats a lot of first time buyer homes. £150K isn't that many first time buyer homes. Maybe 2 at a big push. Not saying that the Barclays loans weren't very iffy, of course. Should of read 600k + 150k gets you a lot of first time buyer homes at the cost the ex CM gets them built for Link to comment Share on other sites More sharing options...
P.K. Posted November 22, 2005 Share Posted November 22, 2005 With the Chairman of the MEA susidiary that applied for the loan being the same person as the Fund Manager for Barclays how on earth did he (they?) negotiate the best possible deal for the island's finances? Like most Fund Managers he would be targeted on how his business went. Not exactly the best position from which to give out a good deal to a company boxed into a corner and needing cash flow. I also still wonder why a gas pipeline? It seems the UK energy strategy for the future is going to be based around nuclear and not fossil fuels. The MEA lot were supposed to know this business so how could they possibly get it so wrong? Link to comment Share on other sites More sharing options...
Higgy Posted November 22, 2005 Share Posted November 22, 2005 With the Chairman of the MEA susidiary that applied for the loan being the same person as the Fund Manager for Barclays how on earth did he (they?) negotiate the best possible deal for the island's finances? Like most Fund Managers he would be targeted on how his business went. Not exactly the best position from which to give out a good deal to a company boxed into a corner and needing cash flow. I also still wonder why a gas pipeline? It seems the UK energy strategy for the future is going to be based around nuclear and not fossil fuels. The MEA lot were supposed to know this business so how could they possibly get it so wrong? Reading all these stories in the paper and hearing them on the radio makes my blood boil. How corrupt has the island got? Link to comment Share on other sites More sharing options...
crumlin Posted November 22, 2005 Author Share Posted November 22, 2005 Have you just woke up Link to comment Share on other sites More sharing options...
manxchatterbox Posted November 22, 2005 Share Posted November 22, 2005 Whilst I agree that Mr "I wasn't at that meeting, well I was at the meeting but don't remember that bit" Downie should be one of the chaps to fall on his sword, what about the Attorney General. Perhaps I heard it incorrectly in Tynwald, and the phone was ringing so I might have done, but did COMIN ask for his legal opinion on the Letter of Comfort, he gave his opinion and missed something in the small print, COMIN also didn't pick the "something" up and signed the document and now we're in the pooh?What was it that no one spotted? Something to do with the pipeline from Eire or something - anyone know? But there doesn't seem much point in getting legal advice if it's wrong. COMIN - is it OK for us to sign this document that will cost the manx tax payer fortunes if it goes wrong? AG - oh yes, I've read it, it's fine! I wonder why some MHK doesn't test opinion by putting down a question as to whether or not Tynwald has full and complete confidence in the AG - surely there must be something that can be done about this incompetance - and with respect to other recent issues involving the AG - but then again Stonecutters and the closed shop "qualification|" as to where judiciary have to have worked Link to comment Share on other sites More sharing options...
crumlin Posted November 22, 2005 Author Share Posted November 22, 2005 I believe that a letter of complaint about the AG is on its way the the Constitutional Affairs Department in the UK as we speak Link to comment Share on other sites More sharing options...
Gladys Posted November 22, 2005 Share Posted November 22, 2005 With the Chairman of the MEA susidiary that applied for the loan being the same person as the Fund Manager for Barclays how on earth did he (they?) negotiate the best possible deal for the island's finances? Like most Fund Managers he would be targeted on how his business went. Not exactly the best position from which to give out a good deal to a company boxed into a corner and needing cash flow. I also still wonder why a gas pipeline? It seems the UK energy strategy for the future is going to be based around nuclear and not fossil fuels. The MEA lot were supposed to know this business so how could they possibly get it so wrong? Don't know who you are referring to re the fund manager, but the CEO of the MEA was also the Chairman of Barclays International Private Clients who made the loan. I am also a bit bemused by the stated overriding objective of making the Island self sufficient as far as electricity goes which is why a power station was built rather than putting a line to the UK to buy off the National Grid. So to ensure self sufficiency, the cure was to put a gas pipeline in?!! Anyway, I enjoyed the full and frank debate in Tynwald this evening! Link to comment Share on other sites More sharing options...
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