How Much Has Been Taken From Reserves?

The Isle of Man’s Reserve Fund has seen £245 million withdrawn since October 2021, according to Treasury Minister Dr Alex Allinson.

The figures were disclosed in response to a question from Douglas North MHK John Wannenburgh.

Dr Allinson stated: “For the purposes of this question, general reserves have been considered to be the Reserve Fund that forms part of the Treasury’s externally managed funds.”

Between April 2016 and September 2021, £134.3 million was withdrawn, including £90.4 million for cashflow, £38 million in investment income returned to General Revenue, and £5.9 million for management costs.

During the same period, £433.4 million was transferred into the fund, primarily from £393.4 million in bond receipts, resulting in a net inflow of £299 million.

2021

Since October 2021, withdrawals totalled £245 million, comprising £121.1 million for cashflow, £78.9 million loaned to IOMSCP for the Manxman ferry, £39.6 million in investment income, and £5.4 million in management costs. Only £8.7 million was added, creating a net outflow of £236.3 million.

Dr Allinson confirmed: “Over the same period £8.7m was transferred into the Reserve Fund as a cash injection. Leading to a net outflow from the Reserve Fund over this period of £236.3m.”