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SIB collapse remembered


Twenty-five years ago this month an event happened which led to the Isle of Man’s finance sector undergoing a painful rebirth.

In June 1982, the Savings and Investment Bank had its licence withdrawn by the government after it hit financial difficulties.

The bank collapsed, resulting in a huge international financial scandal, with some of its customers only recently receiving the last of the compensation payments.

Dr Edgar Mann was Chairman of the Finance Board, the forerunner of the Treasury, at the time.

He told Jason Roberts the government had to take immediate action which eventually led to our modern regulatory system (audio file attached):

(Image: A view of some of the many offices in Douglas, from manxscenes.com).

Clip 1

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