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Bank levy could fund Island's Resolution Authority

Feedback wanted on new draft order

Feedback is wanted on the proposed introduction of a levy on banks which would be used to fund the operating costs of the Isle of Man's Resolution Authority.

A government consultation has been launched to gain people's views on new legislation which has been drafted.

The Financial Services Authority was established as the Resolution Authority for banks on the Island in 2020.

In line with relevant international standards the legislation allows a failing bank to be either resolved or wound up without losses falling to the taxpayer.

People are being invited to share their thoughts on the content and timing of a draft order which would come into effect later this year subject to Tynwald approval.

Comments can be emailed to ruth.baxendale@iomfsa.im or by post to Ruth Baxendale, Isle of Man Financial Services Authority, PO Box 58, Finch Hill House, Bucks Road, Douglas, IM99 1DT.

The deadline for submissions is Monday, 18 April 2022.

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