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Treasury minister Anne Craine has appeared before the Tynwald Select Committee on Kaupthing, Singer and Friedlander.
The committee is currently focusing on the Isle of Man's Depositors' Compensation Scheme, a new version of which was approved by Tynwald late last year.
During her evidence, Mrs Craine said it was important to make sure new regulations protected the consumer, but didn't put too much pressure on the Island's banks.
Speaking to Manx Radio afterwards, she explained what was expected of them now:
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