Loan situation now under review says Treasury

Tue, 17 Jun 2014

Treasury Minister Eddie Teare MHK

An error was made - but it will be learnt from.

That's the message from the Treasury Minister after it was revealed that the controversial Sefton bailout wasn't legal.

Independent legal advice relating to the multi-million pound loans made by government to the struggling Sefton Group has now been received.

Economic Development Minister John Shimmin has offered to resign from his post as a result- an offer that hasn't been accepted.

Eddie Teare says he acted in the best interests of the economy and the financial position will now be reviewed: