The Treasury Minister is pleased the Manx Electricity Authority has admitted loans it took out were unlawful, thus avoiding a potentially long and expensive court case.
Allan Bell, who was the first to publicly reveal the unauthorised borrowings, says he is satisfied with the course of action which is now being taken.
Tynwald will decide whether to grant retrospective permission for the loans at next week's sitting.
Mr Bell says the MEA's admission will also give a select committee the chance to continue its work:
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