Eligible depositors with Kaupthing Singer and Friedlander Isle of Man will soon be getting cheques for £1,000 after Tynwald approved the Early Payment Scheme.
The money will be sent out to people who had accounts with the collapsed bank, following a debate this afternoon.
Treasury Minister Allan Bell moved the scheme, which will help more than 800 account holders and cost the Manx taxpayer £11 million.
He told Tynwald he wanted to show the depositors how much the government cared:
Ferry sailings subject to disruption or cancelation
Final decisions will be made tomorrow
WCAS 'not obliged' to provide reuse garages
Commissioner says the public doesn't always understand what local authorities are required to provide
MHK given leave to introduce free period products bill
Joney Faragher says move will bring IOM in line with other jurisdictions
Local authorities ask LegCo to 'protect democracy'
Hearing held into controversial clause which authorities say could give DOI 'carte blanche' powers
