Depositors Compensation Scheme
Tynwald had been considering changing the DCS for some time and the FSC produced a paper
"Consultation with all banking licenceholders on
options for change to the Isle of Man’s
Depositors’ Compensation Scheme"
in March 2008.
The Isle of Man has a depositors’ compensation scheme (DCS). The DCS partially compensates you if a bank in which you have deposited money fails. To pay compensation, a DCS fund is created (when needed) from contributions made by other banks in the Isle of Man. A summary of the cover provided by the DCS is as can be found here.