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Treasury Minister 'clarifies and corrects' MDC loan facility answer

Dr Allinson previously told Tynwald claims MDC had access to £100m loan were not true

The treasury minister has asked to make a statement at this month's sitting of Tynwald to 'clarify and correct' an answer he provided about the Manx Development Corporation during the November sitting of the court.

Douglas Central MHK Chris Thomas previously asked Alex Allinson whether it was true that the MDC has access to a £100m credit facility guaranteed by Treasury.

In response, Dr Allinson said that is 'not currently correct'.

However, the minister has since emailed Tynwald President Laurence Skelly to say he would like to provide further clarity on specific details of the facility available to the organisation.

He writes that the MDC does have a £50m loan facility in place with Lloyds Bank and guaranteed by Treasury, with the option for this to be extended to £100m subject to agreement with Treasury and Lloyds.

However, Treasury has not received a request to extend the facility, so the value remains at £50m.

Dr Allinson goes on to say "I apologise for any confusion in the previous answers I provided and hope that the additional information I provide today will address this."

His email has since been added to Tynwald's Hansard record, and he'll make a statement when Tynwald sits later this month.

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