paulb Posted March 12, 2014 Report Share Posted March 12, 2014 Ok i know im going to get shot down for this. but really should the council be loaning public money to a private firm. It maybe a good investment and earn a decent return however is this the right thing to be doing. im also not happy they are lending our money out behind closed doors. there are loads of things that the money could be invested in housing for example a no brainer winning investment. getting our islands to support our food needs by supporting arable farming and not forgetting energy insulation. if the boat is suh agood investment why do they need public money. Quote Link to comment Share on other sites More sharing options...
Colin Posted March 12, 2014 Report Share Posted March 12, 2014 there are loads of things that the money could be invested in housing for example a no brainer winning investment. getting our islands to support our food needs by supporting arable farming and not forgetting energy insulation. if the boat is suh agood investment why do they need public money. Your argument doesn't make any sense. Loads of commercial loans by the SIC and handed out behind 'closed doors' in order to protect what might be commercially sensitive information.Investing in a boat, at least, ensures that the crew can continue to earn a living for the forseable future (spending their earnings locally) and, if they land their catch locally, that too will generate employment the earnings from which are also likely to be spent locally.. Investment in Housing? There is already plenty of that going on. Arable Farming? There is very little available 'arable' land that could be used to produce marketable crops in an economically viable way and, most of the available land is held by crofters who, in the main, are part time these days as they earn much better money 'digging someone else's ditch'. They just don't have the time to spend on crops . Sheep are a lot 'easier' and attract a subsidy. Scorrie 1 Quote Link to comment Share on other sites More sharing options...
paulb Posted March 12, 2014 Author Report Share Posted March 12, 2014 thats the point. the council should not be investing public money in anything not related to the benefit of Shetland as a whole. the boat may be a sound investment just not for the council. they have had their hands burnt many times in the past with failed investments. Quote Link to comment Share on other sites More sharing options...
Rasmie Posted March 12, 2014 Report Share Posted March 12, 2014 Farming is a bit like fishing. It is done for profit. This is an investment that pays money back that can eventually help other projects. Its not exactly a handout. Fishing is probably the most important industry we have. Without fishing there wouldn't be a LerwickSurely any money the council can make from a commercial loan is good for Shetland!Is there any other areas where the council can get a return on is money? Quote Link to comment Share on other sites More sharing options...
Scorrie Posted March 12, 2014 Report Share Posted March 12, 2014 (edited) thats the point. the council should not be investing public money in anything not related to the benefit of Shetland as a whole. the boat may be a sound investment just not for the council. they have had their hands burnt many times in the past with failed investments. But this money is going into something tangible backed by figures from a proven business. Can't compare it with tunnel projects or pishing it up the wall on 'consultancy' fees. Let's do some fag packet math: Spend £1.2m and get, say, 20 cooncil hooses built (yeah, I know...). Annual income @ £80pw= £80k. Takes 15 years to repay capital alone. Loan out the same money and receive the profit on the interest, on a shorter length loan - I reckon, (IMO). Thus creating more wealth for SIC that can then be ploughed back into the community. You have to speculate to accumulate. And, like it or not, SIC have to look at all avenues to increase their revenue. No revenue: No future. Edited March 12, 2014 by Scorrie Quote Link to comment Share on other sites More sharing options...
paulb Posted March 12, 2014 Author Report Share Posted March 12, 2014 the trouble is the sic is not a lone company. lets face it if they were they would secure their investment better. sure help the fishermen offer grants. but not loans. totally agree over the consultants ect. just not the job of the council. just very twitchy over them and money. Quote Link to comment Share on other sites More sharing options...
owre-weel Posted March 12, 2014 Report Share Posted March 12, 2014 Mmhhh! Judane, smyril and a few more come to mind. Let's hope they have the boat as security. When one of my relatives started a small business, she could neither get any loans, grants or anything else from the council, she struggled on her own for a bit, got loans from the bank, which she has now paid off in full with interest and now employs 3 people. Would have been a good investment for the council. It's kinda... If your fis fits in my opinion. Quote Link to comment Share on other sites More sharing options...
damissinlink Posted March 12, 2014 Report Share Posted March 12, 2014 Shetland’s seafood industry is worth £300 million a year to the islands, a figure that surpasses the value of the oil, gas, agriculture, tourism, and creative industries combined is this not reason enough to invest in shetlands fishing fleet! this boat will employ at lease 5 men at all times, will take ice and boxes and gear and use shetland engineers the same as all the other boats in the fleet. for every fishermen there is a 3 to 4 men/women employed on shore. yes the council is hard up for cash (when it suits them) but local businesses should be invested in. Quote Link to comment Share on other sites More sharing options...
MuckleJoannie Posted March 12, 2014 Report Share Posted March 12, 2014 In an earlier life I used to administer loans for various SIC bodies to fishing boats, among others. I don't recall any of them not being paid back, unlike some of the other industry sectors. The Charitable Trust ran an agricultural loan scheme for many years but for some reason the powers that be decided to stop it. Quote Link to comment Share on other sites More sharing options...
damissinlink Posted March 12, 2014 Report Share Posted March 12, 2014 if you issue aloan it should be paid back, the sic cannot issue grants for the fishing industry anymore due to eu bureaucracy Quote Link to comment Share on other sites More sharing options...
Ghostrider Posted March 13, 2014 Report Share Posted March 13, 2014 Is this not "Shetland Development Trust" money that's being loaned, rather than "SIC" money? If it is,it's "oil" money, and a completely different pot and ball game to the SIC budget and its cuts. Quote Link to comment Share on other sites More sharing options...
Ghostrider Posted March 13, 2014 Report Share Posted March 13, 2014 I don't recall any of them not being paid back, unlike some of the other industry sectors. Well, there was one, that the crang finally met her end at Olna. Far point really though, it was only when they went in to the shoreside ventures of fishing that the money got poured away like dirty water. Quote Link to comment Share on other sites More sharing options...
Colin Posted March 13, 2014 Report Share Posted March 13, 2014 Far point really though, it was only when they went in to the shoreside ventures of fishing that the money got poured away like dirty water. That because most fishermen are honest and hard working whilst, most of the crooks stay ashore..... Quote Link to comment Share on other sites More sharing options...
paulb Posted March 13, 2014 Author Report Share Posted March 13, 2014 its still public money. in a way even more so. it must be my socialist attitude that feels that public money should not be used to benefit the few. perhaps a first access to funds rule is that you should not be a near relative of any council member. im not implying this in this case. At a time when the care sector/schools and every other aspect of Shetland's life is being cut or destroyed then the question does need to be asked why is it not being used to support the wider community. take funding the care sector properly and insuring costs are kept down that alone would create many more jobs and increase spending in the wider community. same with the schools plenty of local jobs are going there. should they. just a few words about honest fishermen. Shetland catch black fish landings. Quote Link to comment Share on other sites More sharing options...
brian.smith Posted March 13, 2014 Report Share Posted March 13, 2014 I get where your coming from Paul a couple of points though the funding of services is a council duty also I am assuming these loans are not interest free Quote Link to comment Share on other sites More sharing options...
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