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Depositors Compensation Scheme Amended 18 November 2004

An amendment to the Banking Business (Compensation of Depositors) Regulations 1991 to allow for deposits with an original term to maturity of more than five years to be included in the Depositors Compensation Scheme has been approved by Tynwald.

This change, which will allow longer term deposits with most banks in the Isle of Man to be afforded the protection of the Depositors Compensation Scheme, will come into operation on 1st December 2004.

Full details of the Isle of Man's Depositors Compensation Scheme may be found in the Banking Business (Compensation of Depositors) Regulations 1991. The Financial Supervision Commission is currently reviewing these regulations and will be liaising with the banking industry in order to update the Island's Depositors Compensation Scheme in 2005.

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