'A very expensive lesson which cannot afford to be repeated'.
That's the overall verdict of Tynwald's Public Accounts Committee, at the end of an investigation into the loss of a large sum of taxpayers' money in a major infrastructure project.
The loss was incurred when Euros, needed to pay for part of the runway extension at Ronaldsway, were not purchased immediately after the project was approved by the court.
The oversight led to an additional cost to government of over ?2 million, as foreign exchange rates shifted.
The report reveals serious flaws at the Treasury, but committee chairman Clare Christian, MLC, says it's not for them to recommend disciplinary action:
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