MHK concerned over decline in bank deposits

An MHK is expressing concern over a decline in corporate deposits with Island banks.

Member for Michael Alf Cannan raised the matter in the House of Keys today.

Mr Cannan says latest figures out from the FSC for the quarter ending December 2011, show an £8bn drop in corporate, trust and fiduciary deposits.

He believes it's vital for the Manx economy and banking sector that every effort is made to halt the decline.

Treasury Minister Eddie Teare explained that it's not a problem that's unique to the Island.[Play media file below]

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