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ISLEOFMANEXAMINER

www.iomtoday.co.im Tuesday, September 14, 2021

NEWS

newsdesk@iomtoday.co.im Debt at lowinterestwill be efficient inthe long term

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governmentwasthefirsttoissueeth- ical sovereignnotes in sterling. It quotes David Katimbo-Mug- wanya, fund manager at Edentree InvestmentManagement, who said: ‘They’ve not tapped the market for thelast20yearsandnowisjustabout the perfect issuance conditions: rates at rock bottom, spreads at the tightest that they’ve been, demand for green bonds quite heavily over- subscribed.’ The Isle of Man is classified as a sovereign issuer by credit ratings agency Moody’s Investors Service. which rated the bonds as Aa3. HSBCstructuredtheSustainable FinanceFrameworkunderwhichthe bond was issued and was one of the banks alongside Barclays and San- tanderactingasjointactivebookrun- ner to deliver the funding.

efficiency, affordable housing, edu- cation andhealthcare. ‘The Isle of Man has a clear com- mitment to net-zero emissions by 2050 and this fund raising will sup- port the island in staying at the fore- front of the transition to a lower carbon economy, including the tar- get for transitioning to 75% renew- able sources for electricity by 2035.’ Unlikethebondstakenoutprevious- lyonbehalfofwhatwas thentheWa- ter Authority and Manx Electricity Authority to fundmajor infrastruc- tureprojects, the latestborrowing is direct debt. The island has stolen amarch on theUKwith its entry into the ethical bondmarket,with theWestminster government planning to issue green gilts later thismonth. Bloombergreportsthat theManx

renewableenergygenerationaswell as floodprotectionmeasures. There are alsoa raftof social pro- jects such as improving access to education, essential healthcare and affordable housing. However,specificswillneedtobe decidedbythenextadministration. Details of the repayment schedule will be outlined innext year’sBudg- et. FormerMHKBillShimmins,who is still currently amember of Treas- ury, said the policy issues will be for the next administration to deter- mine. Hesaid: ‘Tynwaldprovidedaman- date for this debt issue at the June sitting. The investors receive a fixed returnof 1.625% for 30 years. ‘This is avery lowrate, the timing washelpful tosecure thisas interest

rates are rising and projected to go higher as inflation builds. The debt issue provides very efficient long- termfunding.’ Chief financial officer Caldric Randall said: ‘We have beendelight- ed by the strength of institutional demand for our debut issue of sus- tainable bonds. ‘This demonstrates that inves- tors recognise the Isle of Man’s fis- cal strength and, through our new Sustainable Financing Framework, the government’s commitment to protecting and enhancing the envi- ronment in the Isle ofManaswell as investing in the community for the long term. ‘The eligible projects covered in theSustainableFinanceFramework encompassabroadrangeofareas in- cludingcleantransportation,energy

repaid over a 30-year period. It will providethestate-ownedSteamPack- etwith£85mtohelpfunditsnewves- sel. Theborrowingwillalsobeusedto refinance the ferry company’s £75m debt andManx Utilities’ £178mcon- solidated loan fund, releasing that money for a host of greenprojects. These are outlined in the govern- ment’snewlypublishedSustainable Finance Framework. They include measures to sup- port the island’s climate change tar- get of going carbon neutral by the year 2050. Proceeds from the issue of green bonds could be used to support the purchaseof electricvehicles, invest- ment inactive travel andthedrive to

‘Credible source toldme we had gasworthbillions’

Officer is knifed

A police officer was attacked withaknifeinRamseyonSun- day. The incident took place at about8pmaspolicewerecon- ducting inquiries. The female resident at the house atwhich thepolicehad calledwas also injured. Both the police officer and the resident were treated in hospital for serious but not life-threateningknifeinjuries. One person has been ar- rested and officers from de- tectives are investigating. Doctorwill not see you RoutineGPappointmentswill not be available from 1pm– 6pmonThursday,September 16, as GPs attend their latest education session. Anyone who needs to see a doctor urgently should ring their surgery for an appoint- ment with the on-call GP. Practices will remain open during the afternoon for pa- tients to collect test results, make future appointments and order repeat prescrip- tions as normal. This session is focused on Covid-19,dermatologyanddi- abetes services. Company Medefer, which provides virtual outpatient services to UKNHS Trusts, is joining the session to update GPs on the waiting list initia- tiveacrossvariousspecialities at Noble’sHospital.

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appraised was contained in sandstone reservoirs a mile beneath the seabed fromwhich the fossil fuel was expected toflownaturally. MrCowinsaidtheinformationhehas been given relates to the seabed to the southof the island. MrCowinsaid: ‘Iwasgiventhis infor- mationbyaverycrediblepersonwhogot it froma very credible source and I have no reason to doubt it. From what I can gather, the government is hiding this in- formation fromthe public. ‘Why hasn’t the government come cleanon this? Itwouldbe ridiculous not to exploit it.’ The government had not responded to our request for a comment as the Ex- aminerwent to press.

Lee and Tim Crookall said they would support drilling for gas if the figure was correct, while Ray Harmer said he was sceptical of the reserve, and Geoffrey Bootsaidtakingadvantageof thedeposit went against thenet zero-carbontarget. Candidate Kate Lord-Brennan de- clined to comment. Mr Cowin said: ‘Natural gas is recog- nised as the preferred transitional fuel. Weneedgastotransitiontozero-carbon.’ When Crogga launched its explora- tion in October 2019 it came in for criti- cism from the Green Party, which said extractionof gaswouldamount tofrack- ing, andthisshowed ‘uttercontempt’ for the Manx parliament’s recognition of a climate emergency. At the time, Crogga said the gas being

lieved there was ‘a sizeable reservoir’ of gas in the licence area. BPdiscoveredgastherebutsaidthere wasnotenoughforcommercialexploita- tion. TheCrogga licenceexpired inApril last year. Mr Cowin claims the government is reluctant toact because anatural gas re- source doesn’t tally with renewable en- ergypoliciesandamoveawayfromfossil fuels. At therequisitionmeeting, candidate LeoCussonsof theIsleofManGreenPar- ty said there was no market in offshore gas and any exploitation of the resource wouldbe a ‘backward step’. Independent candidates Michael

Cheffledfrompolice

TV presenter and former MP Michael Portillo has been spotted inPort StMary. The government con- firmed that he was here film- ingoneof his railway-themed televisionprogrammes. Mr Portillo was last on the island in 2011, when he was filming his Great Railway Journeys series. Portillo visiting MrPortillowas snappedbyan Examiner reader inPort StMary

A chef who refused to leave a nightclub thenranawayfrompolicehasbeenfined £1,100. Callum Robert Dubost claimed that Bordello staff were discriminating against himdue tohis clothing. Incourthepleadedguiltytothreaten- ing behaviour and escaping lawful cus- tody. Prosecuting advocate Rachael Braid- wood told the court that police were called to the nightclub on Loch prome- nade at 1.30amon June 27. StaffhadreportedDubost refusingto leavebutwhenofficersarrivedtheyper- suaded him to walk to Walpole Avenue with them.

The23-year-oldtoldpolicehewasbe- ingdiscriminatedagainst becauseof his clothing. Officers explained to him that bouncers had the right to refuse entry. Dubost, who lives at Tynwald Street, Douglas, then became angry, swearing and refusing to leave the area. Despite continued attempts by offic- erstopersuadehimtogo,Dubostcontin- uedtoswearandrefusetoleavesohewas subsequently arrested. At first he offered hiswrists to police tobehandcuffedbutthenranofftowards VictoriaStreet,withpolicegivingchase. Anofficergrabbedhimbythe jumper andthebothfelltothegroundbutDubost then got up and ran away again.

Police couldnot findhimbut he later went to police headquarters. The court heard that he has previous convictionsforassaultingapoliceofficer and assaultwith intent to resist arrest. Dubost opted to represent himself in court, declining the use of a duty advo- cate. Hesaidthathedidnotagreewithallof theprosecution facts and told thecourt: ‘I didrunaway. I havea fear of thepolice, the community mental health would back me up. I did swear, but I work in a kitchen, it’s part ofmy vocabulary.’ Magistrates fined Dubost £600 for escaping lawful custody and £500 for threatening behaviour.