The full cost of the rejected Kaupthing Singer and Friedlander Scheme of Arrangement still isn't known.

In Tynwald today, Treasury Minister Allan Bell told Michael MHK David Cannan that a written statement of the costs incurred would be circulated in due course.

However, he angrily rejected Mr Cannan's suggestion that drawing up the scheme had been a waste of money.

Mr Bell said:

"How quickly the situation is flipped.

"The honourable member himself has been a strong supporter of helping the depositors, for the last six months or more since this scheme has been developed.

"He supported and voted for the Scheme of Arrangement.

"Now, because it hasn't worked out, suddenly he's on the other side of the fence - government has done everything wrong, [and] it's a waste of taxpayers' money.

"This is the very same man who voted for the scheme in the first place."