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Island loses £2million in Europe

Tue, 22 Nov 2011

Treasury Minister Eddie Teare MHK
Treasury Minister Eddie Teare MHK

The Isle of Man has lost £2 million on Eurozone sovereign bonds.

Treasury Minister Eddie Teare was asked a question in the House of Keys about how the Eurozone problems are affecting the Island's external investments.

Sovereign bonds are similar to loans between governments that are paid back with interest over a fixed period.

The market value of the Manx Government's exposure to Eurozone sovereign bonds is around £2.9 million - £2m less than when they were purchased.

The Eurozone bonds are only worth around 0.2% of the value of externally invested assets.

Mr Teare said the government's investment managers are looking to reduce exposure to Eurozone sovereign bonds.

 

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