Bringing the Ben my Chree up to the standard of a modern ferry would cost the government more than the vessel's end value, according to Treasury Minister Alex Allinson.
In the House of Keys this week, he faced questions about the work required to bring it up to scratch.
He revealed it would cost £1.5 million for a new lift, £1 million for paint, £2 million for new evacuation equipment, £3.5 million to upgrade passenger accommodation and up to £10 million spent on engines, propellers and thrusters.
Dr Allinson said there were no plans to spend that much:
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