More than 70 per cent of eligible Kaupthing Singer and Friedlander depositors will be repaid in full within two years, if the Manx government’s proposed Scheme of Arrangement receives the necessary approvals.
Treasury Minister Allan Bell has explained it would lead to ?180 million being transferred from government reserves.
Tynwald will be asked to support the move during the sitting which starts tomorrow, and approval will be sought from the High Court and creditors next month.
Mr Bell told James David he was convinced it was the best way forward:
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