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:
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Warmer than average May for Island
239 hours of sunshine recorded in the month
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Over £28,000 provided by Dormant Asset Fund
Increased DfE support 'to tackle rising costs and global pressures'
Expanded eligibility and increased funding for support schemes
