£79m loan refinancing 'will help Steam Packet' says minister

Thursday, 27 March 2025 07:10

Treasury Minister Alex Allinson says refinancing a £75 million Steam Packet loan with a government bond will help the ferry firm plan for the future.

In the House of Keys this week, he faced questions from Douglas Central MHK Chris Thomas, who wanted to know how the £400 million bond was spent in 2021.

Dr Allinson said almost £79 million went towards refinancing the loan which bought the Manxman, borrowing at a fixed interest rate.

He said that arrangement would help the government-owned company:

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