Treasury Minister Dr Alex Allinson has confirmed that government’s central borrowing stood at £657 million as of March 2024.
The figure includes £400 million from a sustainable bond, £75 million and £180.5 million from Manx Utilities bonds, and an £839,000 overdraft.
Dr Allinson confirmed the repayment dates in Tynwald with a £75 million bond due in 2030, the £180.5 million bond in 2034, and the £400 million bond in 2051.
All were approved by Tynwald, with the latter issued under a sustainable financing framework.
The government also guarantees £219 million in local authority borrowing and an £11.4 million loan for the Manx Development Corporation (MDC).
Chris Thomas raised concerns about Moody’s credit opinion, which cited only the £400 million bond, omitting the total £660 million debt.
“Has the Treasury made Moody’s aware of this basic mistake?” he asked. With Dr Allinson replying, “Moody’s are aware of the various bond issuances,” noting details are publicly available.
Julie Edge also queried the bond repayment fund’s status, asking, “What is sitting in the MUA funds to repay these bonds?”
Dr Allinson directed her to the economic dashboard and Manx Utilities’ annual report, stating reserves “fluctuate” but are on track to meet liabilities.
Mr Thomas also highlighted past debt write-offs, including £95 million for Manx Utilities. Dr Allinson clarified this was “internal debt” and did not affect bond issuances.
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