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Economic Policy Review Committee of Tynwald

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Economic Policy Review Committee of Tynwald S T A N D I N G C O M M I T T E E O F T Y N W A L D C O U R T O F F I C I A L R E P O R T R E C O R T Y S O I K O I L B I N G V E A Y N T I N V A A L P R O C E E D I N G S D A A L T Y N ECONOMIC POLICY REVIEW COMMITTEE OF TYNWALD TREASURY HANSARD Douglas, Friday, 27th June 2014 PP2014/0106 EPRC-T, No. 1/13-14 All published Official Reports can be found on the Tynwald website www.tynwald.org.im/Official Papers/Hansards/Please select a year: Published by the Office of the Clerk of Tynwald, Legislative Buildings, Finch Road, Douglas, Isle of Man, IM1 3PW. © High Court of Tynwald, 2014 STANDING COMMITTEE, FRIDAY, 27th JUNE 2014 Members Present: Chairman: Mr M R Coleman MLC Mr D M W Butt MLC Mr D M Anderson MHK Clerk: Mr R I S Phillips Contents Procedural ........................................................................................................................................ 3 EVIDENCE OF Mr S Christian, Pinewood and Hon. W E Teare, Minister for the Treasury ............... 3 Mr Christian left the Chamber at 3.02 p.m .................................................................................... 11 EVIDENCE OF Hon. W E Teare, Minister and Dr M Couch, Chief Financial Officer, Treasury ........ 11 The Committee adjourned at 4.00 p.m. ......................................................................................... 27 __________________________________________________________________ 2 EPRC-T/13-14 STANDING COMMITTEE, FRIDAY, 27th JUNE 2014 Standing Committee of Tynwald on Economic Policy Review Treasury The Committee sat in public at 2.30 p.m. in the Legislative Council Chamber, Legislative Buildings, Douglas [MR COLEMAN in the Chair] Procedural The Chairman (Mr Coleman): Good afternoon. The Minister for the Treasury (Mr Teare): Good afternoon, Mr Chairman. 5 The Chairman: Welcome to this public meeting of the Economic Policy Review Committee, a Standing Committee of Tynwald. I am Mike Coleman MLC, the Chairman of this Committee. The other Committee Members are Dudley Butt, Mr David Anderson MHK and we have our Clerk, Mr Roger Phillips. If we could first of all ensure that mobile phones are switched off as it interferes with the 10 recording equipment. Also, for the purposes of Hansard and the Tynwald Listen Live facility, I would kindly ask that we do not have two people speaking at the same time. I feel like a ‘trolley dolly’. Anyway, okay. The Standing Committee today is taking evidence from Mr Steve Christian, relevant to the film industry, the Treasury Minister, Mr Eddie Teare MHK, and he is accompanied by Mr 15 Malcolm Couch. As far as the Treasury is concerned this is an annual oral evidence session, the last one being held on 28th June 2013. EVIDENCE OF Mr S Christian, Pinewood and Hon. W E Teare, Minister for the Treasury The Chairman: We are very conscious of Mr Christian’s availability and time so we would like to go to the film industry first if everyone is agreeable? And on that I will ask Member of Council, Mr Butt, to start that ball rolling. 20 Q1. Mr Butt: Thank you, Chairman. Good afternoon, Mr Christian, and Mr Teare – of course you were involved in the Pinewood investments deal as well. I wonder could we ask, Mr Christian: could you give us a basic rundown of how the new 25 system works when you moved from the original CinemaNX, to the new system of Pinewood; __________________________________________________________________ 3 EPRC-T/13-14 STANDING COMMITTEE, FRIDAY, 27th JUNE 2014 what the basic deal is and what actually happens with the Isle of Man’s money and its investments? Mr Christian: Yes, I will try and summarise it as best I can. 30 The structure is not so very different compared to the NX days, insofar as the company looking after the film investment marketing – now Pinewood, latterly NX – will look at a project and bring that project, would always have brought that project, back to the Treasury. The basic remit has not changed. What has changed quite significantly is, back in the NX days, NX actually had the control of 35 the Media Development Fund by way of it sitting on its own balance sheet. So, whilst the funds were in the name of NX they were in a charged account at one of the banks. So that basically means that, prior to the Pinewood deal, NX had title to the Media Development Fund in terms of its cash deposit but could not unlock that deposit until such time as, basically, it had two signatures from the Treasury. 40 Q2. Mr Butt: It was drawn down from… ? Mr Christian: Yes, exactly. 45 Q3. Mr Butt: So where is the Media Development Fund now? Mr Christian: Now the Media Development Fund is held directly by the Treasury, so no title to the fund had ever passed under the Pinewood arrangement. So, effectively, Pinewood sits as an adviser to the Media Development Fund, rather than the whole of the Media Development 50 Fund, and that is the big difference. The process for drawing down is pretty similar, insofar as we will come – ‘we’ being Pinewood – to the Treasury with a report and will make a recommendation. However, as I say, the big difference is, back in the day prior to Pinewood, the funds would be drawn directly from the Media Development Fund sitting in the name of NX, now sitting in the name of Treasury. So 55 that is the big fundamental change. The other change is not so much of a structural change but it is a change of emphasis, and it is a change of standing in the marketplace, really. The Committee will probably be aware that the Island was facing a very competitive environment, and that competitive environment was really driven by the availability in the UK and Ireland of free money – and when I say ‘free 60 money’ I really mean subsidy. That proliferation of free money, that subsidy, was the thing that really led to the Pinewood deal because there was a realisation that the Island had to change if we were to remain as a player in the industry. We had to change on the understanding that subsidy money was not available, so the Island was not in the position, or did not want, to offer subsidy directly to film – unlike Northern Ireland, unlike the United Kingdom, and then also 65 regions of the United Kingdom. So the change in emphasis has come about whereby by marketing as Pinewood rather than marketing as CinemaNX – just as, I think, was suggested at the time of the transition – the Island would get better visibility and therefore better access to bigger, probably more commercial, films and certainly to a bigger throughput of films. And that has certainly happened. 70 Q4. Mr Butt: Okay, just go back to basics again then. The Media Development Fund is held by Treasury. How much is in that fund? Mr Christian: That fund is a £25 million fund – 75 Q5. Mr Butt: That is still with Treasury? __________________________________________________________________ 4 EPRC-T/13-14 STANDING COMMITTEE, FRIDAY, 27th JUNE 2014 Mr Christian: Yes, and it is – 80 Q6. Mr Butt: And to do the Pinewood deal – let’s call it ‘the Pinewood deal’ – there was actually investment in Pinewood shares? Mr Christian: Correct. 85 Q7. Mr Butt: That is separate money? Mr Christian: Correct. Q8. Mr Butt: How much was that? 90 Mr Christian: That was a total investment – I am going to say it in round figures, the Minister might be able to give a precise figure – but in round figures it was around about £12 million. Q9. Mr Butt: And that was buying shares at about £2.50 each, I think. Is that right? 95 Mr Christian: That is correct, that was to purchase 9.9% of Pinewood’s issued share capital at a purchase price of £2.50 a share. Q10. Mr Butt: And having those shares, what benefit does that give you with your dealings 100 with Pinewood, and trying to develop the film industry here? Mr Christian: It gives a number of benefits insofar as the major benefit that was outlined at the time of the investment would be… There was always some fallback or some sort of hedging device as to our investment in film. And if we were not going to offer subsidy, then we had to 105 offer investment against something else; we had to create a hedge, we had to create a benefit. The argument ran something along the lines of: Pinewood appeared to be a growing business, it appeared to be an undervalued business, it appeared to be operating in a sector in which we had some knowledge, and therefore there was the opportunity for knowledge transfer. So, there was an opportunity for us to do something for Pinewood, but for us to do that as a 110 standalone organisation, CinemaNX was probably never going to happen – in fact, it would never have happened. But now we have that ability where I sit on the board of Pinewood, I have that intimate knowledge of film financing, but I also have that intimate knowledge of the Isle of Man and what can work for the Isle of Man – and what will not work for the Isle of Man. So we have been able to contribute to that business that we have invested in, but the biggest 115 virtue really is the fact that now the Isle of Man is going out into the film world with the Pinewood name, with the Pinewood brand.
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