Treasury Minister Allan Bell says mounting public concern over the global economy has prompted tomorrow's emergency Tynwald sitting.

Members will be asked to approve an increase in the guaranteed protection offered to people with deposits in the Island's banks, from ?15,000 to ?50,000.

Mr Bell (pictured) told Manx Radio is was vital to act as quickly as possible:

"If we leave the normal course of events the resolution would not come to Tynwald until October 21 and, with the speed of events which are unfolding around us at the moment, I think people would feel more secure if we were to confirm this amendment to the agreement as soon as possible.

I have had discussions with the chief minister today and we have agreed the best way forwards would be to have a special sitting of Tynwald tomorrow to specifically discuss and, I hope, approve the new proposals which Treasury have put forward."