On Air Manx Radio Update Andy Wint | 5:30pm - 6:00pm

State of the MEA

The Manx Electricity Authority owes more than £400 million – and is paying more than £15 million a year in interest charges alone.

The figures have been revealed in response to a question for written answer in the House of Keys.

Michael MHK Alf Cannan quizzed Treasury Minister Eddie Teare about interest payments on the debts – and who pays.

In response, Mr Teare said the £15 million a year is being paid by the MEA, wiuth no government subsidy.

Mr Teare told the House each year the Authority pays just over £2 million in interest to banks, £10 million in government bonds and £3 million on a BGE finance lease.

Those figures, he said, have remained largely unchanged over the past two years.

Mr Teare also revealed the MEA owes £35 million to the bank, £185 million in Treasury bonds, £133 million to BGE Finance and £47.5 million to Lombard Manx.

And he also pointed out all the information requested was contained in the MEA’s annual report from last year.

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