The Treasury is weighing up responses to its consultation over possible changes to the depositors’ compensation scheme.

Although a Treasury review found the scheme need updating, it also concluded that current levels of compensation available to depositors who lose money in event of a bank collapse were adequate. In the Isle of Man, the maximum is £50,000, compared with £85,000 in the UK.

Those findings went out to consultation.

Treasury Minister Alfred Cannan said: ’Treasury is currently considering the consultation responses. It is intended that a summary of the responses and further clarity on the proposed way forward will be published.’