There will be an emergency sitting of Tynwald this morning.

Members will be asked to approve an increase in the level of guaranteed protection under the Island's depositors' compensation scheme from ?15,000 to ?50,000.

Treasury Minister Allan Bell (pictured) is hoping for unanimous support (audio file attached):

"It's a major improvement on the scheme we have had for quite a few years and I think is more in line with international expectations at the moment.

"It would bring us in line with the United Kingdom and put us ahead of the Channel Islands and most other European countries.

"While I'm sure there will be some debate on the issue, I would very much hope that members will see what we are trying to do and give us their support, to ensure the swift implementation of these improved terms.

"This amended scheme will give depositors, both Manx and off Island, greater protection than they've ever had before."



There will be live coverage of today's Tynwald sitting on Manx Radio's AM 1368 frequency, from 10.30am.