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Payments to depositors approved

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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