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Further strengthening of depositor protection 20 October 2008

A FURTHER development of the Island’s Depositors Compensation Scheme to extend enhanced protection to more depositors will be presented for Tynwald approval later this week, Chief Minister Tony Brown MHK confirmed today (Monday October 20, 2008).

The scheme will restore protection to all the categories of non-individual depositor previously covered under the 1991 scheme – including charities and businesses - but to a maximum increased from £15,000 to £20,000.

Protection for individual depositors will be retained at the recently increased £50,000 maximum, the funding of this to be shared between the banking sector and the Government.

The Chief Minister explained:

‘The Government has taken on board concerns about the position of non-individual depositors, and we are proposing to restore protection for those categories at an increased level.
‘The scheme also includes provision, for the first time, for direct Government financial support for depositor protection, in recognition of the importance of the finance sector for the people and economy of the Isle of Man. We are in exceptional circumstances globally, and governments around the world have had to take action to safeguard their financial systems.’

The new Depositors Compensation Scheme is being finalised and will be published in the near future, with a view to it being presented on a supplementary order paper at the end of this week’s sitting of Tynwald.

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