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No CoMin research into new Packet owners, says chief minister

The Council of Ministers has not sought information on the credit rating or financial status of the Portuguese bank which now owns the Steam Packet.

That admission was made by the chief minister during Tynwald questions today, who said they'd not asked the Financial Supervision Commission to get the details, but added he understood both were publicly available.

Tony Brown then accused Michael MHK David Cannan - who asked the question - of trying to undermine a good story about the change of ownership.

Mr Cannan said that was certainly not the case: (play audio clip)

In November last year the bank sacked credit rater Fitch, after they'd downgraded BES twice in less than four months, to BBB+, on the back of Portugal's financial crisis.

The Wall Street Journal reports that on Monday, BES said it would be seeking to raise up to EUR1.25 billion by issuing three-year government-backed bonds.

In exchange, it could pay up to EUR35.6 million in government commission.

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