The chief minister has told a United Kingdom Treasury committee that the Isle of Man will take responsibility for its own financial affairs.
Tony Brown, together with the chief financial officer and the chief executive of the Financial Supervision Commission, has today been questioned in London by a panel examining the UK banking crisis.
Mr Brown (pictured) was asked if depositors with Kaupthing Singer and Friedlander Isle of Man, who were waiting for their money after the bank's collapse, should look to the UK for redress.
He replied:
"I wouldn't necessarily know why that would be. (But) I can understand the argument about the freezing of the assets, which of course we have concern about.
"As far as the situation for the Isle of Man (is concerned), we are accepting our responsibilities and endeavouring to rectify the situation."
Mr Brown was asked if the depositors were right to seek redress from the UK government. He replied:
"I think that's a matter of opinion for them. I don't think the UK government is responsible for the financial affairs of the Isle of Man."
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