The head of an Isle of Man insurance company is urging people not to put money under their mattresses for safe keeping.
David Stacey from Tower Insurance is offering the advice after a claim by North Douglas MHK John Houghton that, in the current climate, local residents were choosing not to keep their savings in banks.
He believed up to ?5 million pounds could be in houses in the Island.
Mr Stacey says thousands of pounds would have to be spent on a safe to get any level of insurance cover, without which keeping large sums at home wouldn't be a viable option.
And he told Manx Radio he didn't believe many people on the Island were taking such action:
"I would be interested to know the numbers, how many people have gone and done this, but we have not had a single inquiry.
"If we did, from an insurance point of view, most companies' policies would limit the loss of money from a house to a fairly low level - in our case ?250 - and I think that would probably be the market norm.
"If somebody is then going to come to us and say I've got ?5,000 in a safe, I would suggest we would be actively discouraging it."
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