.jpg)
A new compensation scheme for depositors in the Isle of Man has been approved by Tynwald.
Treasury Minister Anne Craine told members the levy on contributing banks would be matched by the contribution made by the Manx government, with each party paying up to £100 million in a ten year period.
The maximum payout to individual depositors in the event of a bank failing is set at £50,000.
Mrs Craine said the new scheme would provide continued confidence and certainty to depositors, while sending a positive signal to the Island's financial services industry of government's commitment to the banking sector.
There is also a new provision which will enable early payments to be made to depositors, within 28 days of a bank crashing.
At the end of a short debate, Mrs Craine dealt with a couple of issues which had been raised, by Onchan MHK Peter Karran and David Callister, MLC (play audio file):
The vote was overwhelmingly in favour, with only Mr Karran registering his opposition.
Sight Matters Reflects on a Landmark Year and Looks Ahead to Its 90th Anniversary
Port Erin retail: the tale of two halves
Treasury welcomes Bank of England interest rate cut
Financial Times raises "serious questions" over government due diligence in King Gaming case
