Savings and Investment Bank
Encyclopedia
Savings and Investment Bank (SIB) was a bank registered and licensed in the Isle of Man
Isle of Man
The Isle of Man , otherwise known simply as Mann , is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland, within the British Isles. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann. The Lord of Mann is...

.

In 1982 the SIB collapsed with debts of some £37 million. The eventual payout to depositors was 29p in the pound, but the Isle of Man Government
Isle of Man Government
The Isle of Man Government is the government of the Isle of Man. The formal head of the Isle of Man Government is the Lieutenant Governor, representing HM Queen Elizabeth II, Lord of Mann...

 helped out the smaller depositors by made ex gratia compensation payments to depositors from its own funds.

As a result of the SIB collapse, the Isle of Man Government commissioned a review by the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

. As a result, the Financial Supervision Commission
Financial Supervision Commission
The Financial Supervision Commission The FSC was established in 1983. The Chairman was previously a Member of Tynwald until 2004 when legislation forbid this.-Chairmen:*Col Dr Edgar Mann, 1983-1985*David Cannan MHK, 1987-1989...

 was established in 1983, and in turn the Insurance and Pensions Authority was established in 1986.

A further outcome of the SIB collapse was the introduction of a formal scheme to compensate investors funded by levies on regulated institutions - the Depositors' Compensation Scheme.
The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
x
OK