Latest News Headlines
On-Air Now
Listen Live
Facebook

Michael MHK says compensation fund isn't necessary

Tue, 17 Jul 2012

Michael MHK Alf Cannan
Michael MHK Alf Cannan

The MHK for Michael believes a £100m Depositors Compensation Fund isn't necessary or needed at the moment.

It's proposed the money to create the fund will come from government reserves which are due to fall from £400m to £189m by next March.

The Pinewood Studios investment will also be funded from reserves and £55m will go into the general revenue account.

Alf Cannan has raised concerns about the depletion of the reserve fund.

He doesn't think the expenditure will benefit the economy in the long term:

(Play audio file below)

 


Media

  • Michael MHK Alf Cannan

 

Subscribe to get Energy FM News direct to your mobile device

You can get Energy FM News delivered direct to your mobile device using one of the following methods.

  • In the Apple News App on iOS search for Energy FM IOM and then just add it to your favourites
  • In the Google News & Weather App just search for Energy FM and then add us as a customised section
  • If you use an RSS Reader then just add our feed to your app, click here for our news RSS feed