And, in the face of criticism for his plans this week from a Scrutiny panel, Senator Alan Maclean has warned that raiding the Island’s rainy day fund to pay for the project would leave public finances in a dangerous state in the event of a financial crisis.
Earlier this year Senator Maclean lodged funding proposals for the £466 million future hospital project.
His plans included borrowing up to £400 million, with the rest being funded by the States Strategic Reserve, which is also known as the ‘rainy day fund’.
Under the minister’s plans the States would pay the loan off over 40 years using interest and investment gains from the rainy day fund.
However, States Members opted to delay the debate to allow the Corporate Services Scrutiny Panel to investigate the plans.
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