Financial sector of the Isle of Man is focused on providing the following financial services:
Banks in the Isle of Man are mainly focused on the following areas:
Isle of Man Financial Services Authority
Currently there are 13 credit institutions operating in Isle of Man.
In 2016 consolidated banking assets in the Isle of Man were 57,900.00 mln GBP. The consolidated banking assets' evolution is shown at Chart 1 below.
Chart 1. Consolidated banking assets in Isle of Man.
Recent structural changes (2013 - 2018) of the banking sector of Isle of Man are summarised in Table 1.
|Number of Opened Banks||0||0||0||0||0||1|
|Number of Closed Banks||0||4||2||4||3||4|
Table 1. Recent structural changes in the banking sector of Isle of Man.
The list of the most recently opened banks in Isle of Man is provided in Table 2.
|CIB Limited||February 2018|
Table 2. The most recently opened banks in Isle of Man.
All the credit institutions operating in Isle of Man can be classified into several categories. Table 3 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||5|
There are 5 branches of foreign banks from 3 different countries in Isle of Man. Table 4 shows the number of branches grouped by the country of origin.
|Country of Origin||Number of Branches|
Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Isle of Man are summarised in Table 5.
Table 5. Deposit guarantee scheme in Isle of Man.
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Local currency (Manx pound) deposit ceiling for Isle of Man is set to Aaa (prime), foreign currency deposit ceiling is Aa2 (high grade).