Manx Development Corporation draw down from Lloyds 100k loan facility

Summary

The request sought details on recent drawdowns and the total debt of the Manx Development Corporation's Lloyds Bank loan facility. The Treasury disclosed specific drawdown amounts for Loans 1, 3, 4, and 5, and provided a total debt figure, while noting some information was already publicly available on the disclosure log.

Key Facts

• The Manx Development Corporation drew down funds from the Lloyds Bank loan facility on multiple dates in March and June 2025.
• The total amount drawn down from the facility as of 13 June 2025 is £19,579,783.
• New Loan 5 was created and drawn down on 10 June 2025.
• The loan facility operates on a cycle where initial amounts are drawn for 3 or 6 months and then refinanced with interest.
• Some requested information was deemed reasonably accessible via the public disclosure log (case ID 4412309).

Data Disclosed

• £5,670,902.63
• £5,344,773.39
• £5,414,230.98
• £2,178,008.04
• £2,205,792.34
• £2,052,942.55
• £19,579,783
• 11th June 2025
• 9th March 2025
• 9th June 2025
• 10th March 2025
• 10th June 2025
• 13th June 2025
• 4722089
• 4141401
• 4412309

Exemptions Cited

• Section 20 of the Freedom of Information Act 2015 (Information reasonably accessible)

Original Request

Following FOI 4141401 (23/09/2024) please provide any further draw downs to date to loans 1-2-3-4. or the creation of new loans. Please provide the now total debt of all draw downs from the Lloyds loan facility to date.

Data Tables (1)

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: 4722089 10th July 2025,

Dear ###,

We write further to your request, received 13th June 2025 and amended 26 June 2025, which states (A and B added by Treasury):

"Following FOI 4141401 (23/09/2024) please provide: A - any further draw downs to date to loans 1-2-3-4. or the creation of new loans.
B - Please provide the now total debt of all draw downs from the Lloyds loan facility to date."

Our response to your request is as follows:

Part A

Based on the information held (dated 13th June 2025), some of the additional amounts that the Manx Development Corporation have drawn down from the Lloyds Bank loan facility since the date of the above referenced FOI (4141401) are as follows:

Loan No. Date Amount Loan 1
11th June 2025 £5,670,902.63 Loan 3 9th March 2025 £5,344,773.39

9th June 2025 £5,414,230.98 Loan 4 10th March 2025 £2,178,008.04

10th June 2025 £2,205,792.34 Loan 5 10th June 2025 £2,052,942.55

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.

While our aim is to provide information whenever possible, under section 20 of the Act, we are not required to provide information in response to a request if it is already reasonably accessible to you, whether free of charge or on payment of a fee. Some of the information that you have requested is already publicly available and can be viewed on the disclosure log under the reference case ID 4412309. This includes information on a new loan and additional amounts drawn down from the Lloyds Bank loan facility by the Manx Development Corporation.
The disclosure log can be accessed by the following web link: https://services.gov.im/freedom-of-information/search
Part B Based on the information held (dated 13th June 2025) the total amount that the Manx Development Corporation have drawn down from the Lloyds Bank loan facility is as follows: £19,579,783

Please quote the reference number 4722089 in any future communications.

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I will now close your request as of this date.