Enhanced protection under the Isle of Man's new Depositors' Compensation Scheme is set to be extended to all the categories of non-individual depositor previously covered.

Subject to Tynwald's approval, depositors - including charities and businesses - will receive compensation to the value of ?20,000.

Earlier this month an emergency sitting of the Court increased the level of protection for individual depositors from ?15,000 to ?50,000 - the funding of which will be shared between the banking sector and the government.

Chief minister Tony Brown (pictured) says the government has taken on board concerns about the position of non-individual depositors, and protection for those categories will be restored, at a level ?5,000 higher than previously.

For the first time the scheme also includes provision for direct government financial support for depositor protection, in recognition of the importance of the finance sector to the people and economy of the Isle of Man.

The new Depositors' Compensation Scheme is being finalised and will be published in the near future, with a view to it being presented on a supplementary order paper at the end of this week's sitting of Tynwald.