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Review of Depositors’ Compensation Scheme

Treasury Minister Allan Bell has issued a letter to Tynwald members, indicating he’s received and considered an initial report from the Financial Supervision Commission on the Island’s Depositor Compensation Scheme.

He went onto say he had taken into account that final decisions had not yet been taken in other countries about future deposit protection arrangements, notably the United Kingdom, Jersey and Guernsey.

Whilst acknowledging the interest in and importance of the matter, Mr Bell concluded the most appropriate position at this time was to defer a decision on any change to the existing Scheme, but to keep the matter under constant review.

Mr Bell thanked all those who had contributed to the recent consultation exercise.

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