The Treasury Minister says he carries the can for failing to seek Tynwald approval to use money from the national insurance fund.
A public accounts committee report accepted government acted legally by using £770,000 from the NI Fund for a review of the fund and welfare system without the need for Tynwald approval.
However, it added ministers, including Mr Teare, played ‘fast and loose with financial regulations’ by doing so.
Mr Teare accepts ultimate responsibility, although insists no harm was done.
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Government proposing a five percent minimum wage rise
Tynwald: Chief minister delivers urgent statement
Former DOI minister informed via a 'two-minute whatsapp call'
MHK criticises language used by chief minister during reshuffle
Chief Minister: I hope that cabinet reshuffle can 'stop the fighting'