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Review of Depositors’ Compensation Scheme 25 June 2008

Allan Bell MHK, Treasury Minister issued a letter to Members of Tynwald yesterday, indicating that he had received and considered an initial report from the Financial Supervision Commission on the Island’s Depositor Compensation Scheme. He went on to say that he had taken into account that final decisions had not yet been taken in other countries about future deposit protection arrangements, notably the United Kingdom, Jersey and Guernsey.

Whilst acknowledging the interest in and importance of the matter, Mr Bell indicated that he had concluded that the most appropriate position at this time was to defer a decision on any change to the existing Scheme, but to keep the matter under constant review.

Mr Bell thanked all those who had contributed to the recent consultation exercise.

For more information please contact:-

Mark Shimmin,
Chief Financial Officer,
The Treasury,
Isle of Man.
Telephone: (01624) 685586
Fax: (01624) 685662

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