isleofman.com 25 May 09: MHK suggests new way to protect bank customers

Posted By: Manx Radio

An MHK is seeking new protection for bank customers whose savings may be in jeopardy as the industry slims down.

Rushen member Juan Watterson says if the Isle of Man arm of a bank closes, savers could see their money move to another jurisdiction with little notice, which could mean fewer safeguards and less depositor protection.

At this week's sitting of the House of Keys, he will ask Treasury Minister Allan Bell to consider whether savers should be allowed to withdraw their money and keep it here, if their bank 'ups-sticks'.

He says most banks are consolidating to reduce costs and that could have a direct impact on their customers:

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