BossHogg Posted November 20, 2016 Author Share Posted November 20, 2016 As I read the accounts it appears that the loans are to Treasury. I thought Barclays were owed money but I'm not sure. Does anyone know ( I know Donald knows fuck all) An MEA subsidiary borrowed the money from Barclays so I assume it's back to backed between the MEA sub and Treasury which is why it's ultimately sitting in the Treasury Consolidated Loan Account. We wouldn't want Barclays to have an unsecured loan the MEA sub might default on or walk away from would we? Link to comment Share on other sites More sharing options...
asitis Posted November 20, 2016 Share Posted November 20, 2016 Legal opinion was ( at one stage) we ( the public purse) could have walked away from it ! There follows a litany of hand wringing, and damage to the island etc etc ! It boiled down to this, what people knew and when, and the best way to keep that under wraps was to swallow the loan , learn lessons and move on etc etc ! Link to comment Share on other sites More sharing options...
notwell Posted November 20, 2016 Share Posted November 20, 2016 Legal opinion was ( at one stage) we ( the public purse) could have walked away from it ! On what basis? Link to comment Share on other sites More sharing options...
asitis Posted November 20, 2016 Share Posted November 20, 2016 Legal opinion was ( at one stage) we ( the public purse) could have walked away from it ! On what basis? From memory the opinion related to a loan being taken out without the consent of the Government and arranged by the MEA board who were not authorised to raise finance. I believe counsel said it would be arguable in court that the public purse was not liable for the loan but that would have effects on the islands credit rating etc etc ! It was of course retrospectively approved rather than argue the point in court . My take on the subject would be that Barclays should have done better due diligence on the subject before granting such a large loan and were again in my opinion fortunate that government were obliged to roll over so easily. Sorry thread creep and ancient history however losing shed loads of money is nothing new ! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.