The increase in depositors' compensation has been about striking a balance between the needs of the public and those of banks in the Isle of Man, according to Treasury Minister Allan Bell.
He says the planned rise from ?15,000 to ?50,000 gives greater assurance to people about their money, but won't overstretch the banks.
There will be further discussions on the exact structure of the scheme's funding and it still needs Tynwald approval.
However, Mr Bell (pictured) is confident that will be given:
"I'm sure my colleagues will recognise the strength of support we are now proposing for the individual depositors.
"Our small investors on the Island will be well protected by this scheme, and individual constituents will be able to rest easy with this proposal, sufficient for members to support this scheme.
"I'm sure there will be an interesting debate on it when it comes to the floor of Tynwald, but I'm confident my colleagues will see the wisdom of what we are proposing and will go with it."
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