A debate on the long-awaited report into the MEA loans scandal is underway in Tynwald.

A select committee report containing damning criticisms of the running of the MEA board when it took unauthorised loans of ?120 million in 2003, has been presented by chairman Steve Rodan.

It lists a series of shortcomings in the conduct of the MEA board, its oversight by Treasury and the recording of decisions in the board's minutes.

Serious concerns are raised about the board's control of its then chief executive Mike Proffitt, who should not have been involved in seeking the loan due to conflicting interests.

Mr Proffitt's also accused of misusing his business credit card and making inappropriate expenses claims.

Tynwald will be asked to approve a raft of guidelines for statutory boards in future.

And there's a call for the Financial Supervision Commission to consider whether individuals named in the report should be investigated for alleged breaches of the Financial Services Act.