UK Boosts Compensation Scheme Payout Limit To £35,000 Above Island's

Treasury Minister Says Island Will Monitor Situation Closely

The Isle of Man has been significantly left behind in terms of the cover it offers savers in the event their bank goes bust.

The UK compensation scheme has now jumped to £85,000, for joint accounts its increased to £170,000.

In addition to this the new scheme now says it will pay most claims within a week, and all within 20 days.

The Island had their DCS boosted to £50,000 following the collapse of Kaupthing Singer and Friedlander.

Treasury Minister Anne Craine said pressures from the EU will invariably promote higher depositor protection, and the Island would keep such matters under continuous review.