Chief Minister Tony Brown says there is still confusion in certain quarters over the powers used by the United Kingdom government to seize the ?550 million of Kaupthing Singer and Friedlander Isle of Man funds.
He told Tynwald that contrary to reports in several newspapers, the UK's Financial Services Authority put KSF UK Limited into administration using the Insolvency Act of 1986 and not anti-terrorism legislation.
Answering a question from Onchan MHK Peter Karran, he admitted the situation was far from ideal but said the authorities had their hands tied.
Mr Brown told Tynwald:
"The position in the United Kingdom government is that the matter is now in the hands of the court and therefore it is not possible to intervene.
"Clearly the Island's government finds this a far from satisfactory situation and, whilst the two governments work together on this issue, there is little more at this stage that the governments of the Isle of Man or the United Kingdom can do."
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