The deal to take the Steam Packet into public ownership will be formally completed on Wednesday next week.

Tynwald this week took the historic decision to take back strategic control of the island’s lifeline ferry company.

LibVan leader Kate Beecroft was the only one to vote against the deal, which will see £124.3m of cash reserves used to buy a 100% shareholding of the Packet’s parent company, MIOM Ltd.

The state-owned ferry company will be operated at arm’s length from government.

Some £76m of the cash transaction will be accounted for as a loan to be refinanced by the Steam Packet by raising a public bond or commercial loan, so that the investment is returned to Treasury in short order.

Treasury Minister Alfred Cannan said: ’I am delighted Tynwald recognised the opportunity to gain strategic control of what is effectively our monopoly sea services provider.

’Taking this major step will help deliver better economic and social value to the Isle of Man although we have to balance the needs of a commercial operating company with the broader needs of the island. Putting this framework in place will require a forward thinking but balanced approach.’

He said the next step will be to formally complete the transaction which will happen once the final legal and accountancy formalities are completed. This is expected to happen on Wednesday, May 23, he said.

Tynwald debate, page 3