MDC funding draw downs

Summary

The request sought updated details on Manx Development Corporation (MDC) funding drawdowns from a Lloyds Bank facility as of 31 January 2025. The Treasury disclosed specific new loan amounts and a total drawdown figure, while partially refusing information on further drawdowns for a specific new loan due to the short duration of the facility.

Key Facts

• A new loan (Loan 5) of £2,000,000 was drawn down on 10 December 2024.
• The total amount drawn down by MDC from the Lloyds facility is £19,184,073.
• Loan 1 saw a drawdown of £5,527,205 on 11 December 2024.
• Loan 2 had drawdowns of £4,178,611 on 22 October 2024 and £4,235,914 on 22 January 2025.
• Information regarding further drawdowns for the new Loan 5 was refused as the 6-month term had not yet expired.

Data Disclosed

• 31 January 2025
• 10 December 2024
• £2,000,000
• 11 December 2024
• £5,527,205
• 22 October 2024
• £4,178,611
• 22 January 2025
• £4,235,914
• £19,184,073
• 6 months
• 3 months
• 18 October 2024
• 24 February 2025
• 12 February 2025

Exemptions Cited

• Section 11(3)(a) of the Freedom of Information Act 2015 (Information not held)

Original Request

Previous request 4141401 provided information of Manx Development Corporation (MDC) funding through a Lloyds bank loan facility. Please can you provide up to date information;  a) please provide any up to date ( 31 January 2025) information if a loan 5 has been created and if a loan 5 has been created please provide details of the loan and any further draw downs from the Lloyds facility;  b) Please provide any up to date (31 January 2025) information relating to any further draw downs from any of the MDC loans from the Lloyds loan facility; and  c) Please provide up to date (31 January 2025) the total amount drawn down by the MDC from the Lloyds loan facility.

Data Tables (2)

Full Response Text

Freedom of Information
Seyrsnys Fysseree

The Treasury Government Office,
Douglas Isle of Man, IM1 3PU

Telephone: (01624) 685605 Email: FOI.Treasury@gov.im

Government Website: www.gov.im

Our ref: 4412309 24 February 2025

Dear ###,

We write further to the response which was issued on 12 February 2025, with an updated response, to include the additional information requested:

"Previous request 4141401 provided information of Manx Development Corporation (MDC) funding through a Lloyds bank loan facility.

Please can you provide up to date information;

a) please provide any up to date ( 31 January 2025) information if a loan 5 has been created and if a loan 5 has been created please provide details of the loan and any further draw downs from the Lloyds facility;

b) Please provide any up to date (31 January 2025) information relating to any further draw downs from any of the MDC loans from the Lloyds loan facility; and

c) Please provide up to date (31 January 2025) the total amount drawn down by the MDC from the Lloyds loan facility."

Our response to your request is as follows:

Part A
Based on the information held (dated 31/01/2025), the Manx Development Corporation have drawn down a new loan from the Lloyds Bank loan facility since the date of the previous request 4141401. The amount of the loan and the date the loan was drawn down is as follows:

Date Amount 10 December 2024 £2,000,000

While our aim is to provide information whenever possible, in this instance the Treasury does not hold or cannot, after taking reasonable steps to do so, find some of the information that you have requested for this part of your request.

The new loan detailed above was drawn down on 10 December 2024, for a period of 6 months, therefore there has been no further draw downs in relation to this loan and the information requested is not held. As previously advised, this means that a practical refusal reason applies to this part of your request under section 11(3)(a) of the Act (information not held).

Part B Based on the information held (dated 31/01/2025) the additional amounts the Manx Development Corporation have drawn down from the Lloyds Bank loan facility since the previous Freedom of Information response (4141401), issued on 18 October 2024, are as follows:

Loan No. Date Amount Loan 1
11 December 2024 £5,527,205

Loan 2
22 October 2024 £4,178,611 Loan 2 22 January 2025 £4,235,914

The way the Lloyds Bank loan facility works is an initial loan amount is drawn down for a specific period of time (either 3 or 6 months). At the end of this period a new loan request is made to pay off the initial amount plus the interest.

The above amounts are where loans have been drawn down at the end of a 3 or 6 month period. Please note that Loan 2 also includes an increase in the initial loan amount by £2m, as of 22 October 2024.

Part C
Based on the information held (dated 31/01/2025) the total amount the Manx Development Corporation have drawn down from the Lloyds Bank loan facility is as follows:

£19,184,073

Please quote the reference number 4412309 in any future communications.

Your right to request a review

If you are unhappy with this response to your freedom of information request, you may ask us to carry out an internal review of the response, by completing a complaint form and submitting it electronically or by delivery/post.

An electronic version of our complaint form can be found by going to our website at https://services.gov.im/freedom-of-information/Review . If you would like a paper version of our complaint form to be sent to you by post, please contact me and I will be happy to arrange for this. Your review request should explain why you are dissatisfied with this response, and should be made as soon as practicable. We will respond as soon as the review has been concluded.

If you are not satisfied with the result of the review, you then have the right to appeal to the Information Commissioner for a decision on;

1. Whether we have responded to your request for information in accordance with Part 2 of the Freedom of Information Act 2015; or
2. Whether we are justified in refusing to give you the information requested.
   In response to an application for review, the Information Commissioner may, at any time, attempt to resolve a matter by negotiation, conciliation, mediation or another form of alternative dispute resolution and will have regard to any outcome of this in making any subsequent decision. More detailed information on your right to a review can be found on the Information Commissioner’s website at www.inforights.im. Should you have any queries concerning this letter, please do not hesitate to contact me. Further information about freedom of information requests can be found at www.gov.im/foi.

I will now close your request as of this date.