MUA loan bonds repaid faster than expected

Thursday, 6 April 2017 00:00

The Manx Utilities Authority says it's ahead of schedule to pay back a £185 million bond issued in the wake of the loans scandal.

This week in the House of Keys Treasury Minister Alf Cannan faced questions on the repayments from North Douglas MHK David Ashford.

The bond is due to repaid in 2034 - in 2005 the Manx Electricity Authority borrowed £120 million without permission from government to build Pulrose Power Station.

Mr Cannan said the repayment plan drawn up by government is going better than expected:

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