A package of measures for the refinancing of the Steam Packet will be put before Tynwald for approval in July.

Treasury Minister Alfred Cannan made the commitment in the House of Keys on Tuesday.

It is another major step following the government’s purchase of the ferry company.

Tynwald has already approved the heads of terms for a new sea services agreement, which will replace the current user agreement that regulates the company’s access to harbour facilities.

The final details of that agreement are not subject to Tynwald approval.

Mr Cannan told the House of Keys that a review of future finance options for the Steam Packet was currently in progress and pledged to bring forward the measures in July, after he was questioned by Lawrie Hooper (LibVannin, Douglas).

The government bought the Steam Packet in a £124 million deal last year, which was approved by Tynwald.