Michael MHK Alf Cannan
The MHK for Michael believes a £100m Depositors Compensation Fund isn't necessary or needed at the moment.
It's proposed the money to create the fund will come from government reserves which are due to fall from £400m to £189m by next March.
The Pinewood Studios investment will also be funded from reserves and £55m will go into the general revenue account.
Alf Cannan has raised concerns about the depletion of the reserve fund.
He doesn't think the expenditure will benefit the economy in the long term.
(PLAY AUDIO ABOVE)
Vandals cause 'substantial' damage to Crosby property
Western civic amenity site puts expansion ‘on hold’
Date set for key workers parade
Constabulary asks for sensible parking in Kirk Michael
Castletown street to undergo improvement works
Developer proposing 11 new homes for Douglas
Beach Buddies heading to Langness this weekend
Golf club to mark 125th anniversary with tournament series
