Steam Packet and Manx Utilities loans
Tynwald has agreed to borrow £400 million to refinance debts with Manx Utilities and the Steam Packet Company.
Treasury Minister Alfred Cannan sought approval for the move this afternoon.
The proposal also includes £80 million to be paid to the ferry company for new vessel 'the Manxman'.
In an over hour-long discussion it was reiterated the debt in question is not new, but existing, and the motion includes a repayment plan within 40 years.
Mr Cannan also wanted to make it clear the borrowing doesn't put them at a disadvantage:
The final vote went: 22 for and 2 against in the House of Keys, and 8 for and 0 against in Legislative Council.
Two following motions, with specific borrowing in relation to both Manx Utilities and the Steam Packet both carried unanimously.
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