Treasury 'content' with Steam Packet oversight arrangements

The ferry operator's sole shareholder says the current set-up provides sufficient control

Treasury says it's content that its arrangements for overseeing the Steam Packet are sufficient for purpose.

The ferry operator's sole shareholder has published its findings after considering how to enhance oversight of the company.

After a committee investigation into how the Steam Packet is regulated, the Council of Ministers committed to Treasury looking at its oversight of the Steam Packet Company, and its parent company the Isle of Man Steam Packet Group Limited.

It found the current set-up provides sufficient control, and there have been no known instances where improvements are required.

The report also states financial objectives remain appropriate and effective.

The report will be laid before Tynwald in January.