Water Authority statement

The Isle of Man Water Authority says the most money it believes it could lose through its association with Kaupthing Singer and Freidlander is £62,000.

In a statement to Tynwald at the end of today's emergency sitting, authority chairman David Cannan (pictured) said the authority had a meeting with the company on Monday.

Mr Cannan (pictured) wanted an assurance the millions of pounds in the bond taken out for water infrastructure improvements, and invested by the bank, were secure. He told Tynwald:

"The purpose of this statement is to give assurance to members of Tynwald that apart from the £62,000 that may be at risk, the Water Authority clearly understands that the bond money is in the name and ownership of the Isle of Man (Water) Authority when it is placed in investment."