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Aurigny jet: lending options explored

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A DECISION on whether taxpayer money will be used to fund the purchase of the new Aurigny jet will be made after it has explored all lending options, the airline's chief financial officer has said.

A DECISION on whether taxpayer money will be used to fund the purchase of the new Aurigny jet will be made after it has explored all lending options, the airline's chief financial officer has said.

Deputies agreed during the July States meeting that Treasury and Resources could facilitate a loan to the airline so it could fund the purchase of an aircraft to cover the Guernsey-Gatwick route.

Chief financial officer Peter O'Donovan said the airline was still evaluating the funding options, which he expects to take back to the States at the end of September.

'It is an understanding we will look for third-party funding, we were not forced to. I would prefer to borrow from the cheapest source. We are looking for that on the open market.'

The discussion about the States directly providing the money 'has not happened' and so he does not know the rate at which T&R would potentially offer. 'It has never been black and white. 'The Billet gave the States both options.'

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