Michael MHK Alf Cannan says he's "very concerned" about the depletion of government reserve funds.
Mr Cannan was speaking after the July sitting of Tynwald at which he asked the Treasury Minister to provide Tynwald Court with written details of the Reserve Fund balance as of the end of June. . . .and what it's estimated to be on 31st March 2013.
In his reply, Mr Teare indicated that the fund was currently standing at ?397.5 million but would be reduced by around ?200 million by April. ?100 million of this will be allocated to the Depositors Compensation Scheme Fund with ?55 million being transferred to the revenue account.
Mr Cannan says he hadn't been expecting to see such a large drop in reserves when he asked the question - and it causes him great concern
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