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Government acts to bring forward extra depositor protection 8 October 2008

CHIEF Minister Tony Brown MHK has confirmed that, at the request of Government, the President of Tynwald has agreed to call a special sitting of Tynwald at 10.30am tomorrow (Thursday October 9, 2008).

The sitting will be asked to approve with immediate effect the enhanced deposit protection scheme announced this week by Treasury Minister Allan Bell. The scheme increases the protection level for local and international individual depositors to £50,000.

The Chief Minister explained:

‘The enhanced scheme has been warmly welcomed, but we take on board feedback that it should ideally be introduced as soon as possible. I am sure this move will provide added reassurance and confidence in these difficult times.’

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