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Tynwald approves reinforced depositor protection scheme 23 October 2008

CHIEF Minister Tony Brown MHK has welcomed Tynwald’s approval today (Thursday October 23, 2008) of a further development of the Island’s Depositors Compensation Scheme.

The scheme now provides for a payment of up to £150 million by the Isle of Man Government to support the compensation of individual depositors to a maximum of £50,000 each. This is in addition to payments into the scheme by banks and recoveries made through liquidation.

The changes moved by Treasury Minister Allan Bell MHK also increase protection for non-individual depositors – including charities and businesses – to a maximum of £20,000, (compared to £15,000 under the original 1991 scheme).

The Chief Minister commented:

‘The Isle of Man Government is prepared to commit public money to play its part in helping depositors, in partnership with the Island’s banking sector. The scheme approved today is fair and responsible, and Government is grateful to Tynwald for its support.’

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