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.
Clip 1
Outgoing health director delivers parting blow to Island's politicians
EasyJet agrees to £5.7 billion US takeover bid
Repairs and maintenance needed on Great Union Camera Obscura
MNFU president worried about costs facing next generation