Progress is being made to attract new investment banks to the Island according the Minister for the Department of Economic Development.
However, responding to a question from Onchan MHK Peter Karran in Tynwald today, Laurence Skelly said it's been a very challenging process in the current climate.
Mr Skelly says this is partly because the global banking crisis has made many banks cautious about opening up new operations.
But he reassured members there are steps the department can and will take to combat this.
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