THE Isle of Man Steam Packet Company and the current User Agreement have been debated in the House of Keys this morning.

South Douglas MHK Bill Malarkey and Onchan MHK Peter Karran both tabled questions about the company to Chief Minister Tony Brown.

Mr Karran wanted to know if the Manx government had made any contact with Banco Espirito Santo after the recent change of ownership at the company. 

Mr Brown said: "Representatives of government have had conversations with representatives of Banco Espirito Santo with regard to the Isle of Man Steam Packet Company Limited and our understanding is that the bank, as shareholders in the company, has no plans to change the way in which the company operates.

"As the company's news release indicates, those banks led by Banco Espirito Santo are focused on providing a long term solution to allow the company to operate in a stable financial environment.

"The beneficial owners of the Steam Packet Company Limited are a group of banks led by Banco Espirito Santo and the share capital is held by Sealion (Isle of Man) Limited, an Isle of Man company owned by the banks."

Mr Malarkey asked the Chief Minister if, during his term of office, he has had any conversations with any director or shareholder, old or new, of the Steam Packet Company with regard to the User Agreement in its present form or the possibility of future extensions.

The Chief Minister responded: "I can confirm that during my term of office I have had a number of conversations with representatives of the Isle of Man Steam Packet Company Limited about a variety of matters - including at times matters related to the User Agreement between the company and the Department of Infrastructure, which has included brief conversations about the User Agreement in its present form and the possibility of extending the agreement. Both of which I have advised that at present government is not supportive of making any changes to either of the subject matters."

Also see: New owners for the Steam Packet Company