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Economy and Banking Sector of the Isle of Man

Financial Services

Financial sector of the Isle of Man is focused on providing the following financial services:

  • international banking
  • wealth management
  • fund management

Banking Focus

Banks in the Isle of Man are mainly focused on the following areas:

  • savings products
  • offshore banking
  • asset management

Banking Supervision

Isle of Man Financial Services Authority

Banking Sector Structure

Number of Banks
13
Consolidated Assets (2016)
57,900.00 mln GBP  (-2.36%)
Recent Changes (2018)
new banks: 1, closed banks: 4

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.

Consolidated banking assets in Isle of Man.

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.

201320142015201620172018
Number of Opened Banks000001
Number of Closed Banks042434

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.

NameStart Date
CIB LimitedFebruary 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.

CategoryNumber of Banks
Banks8
Branches of foreign banks5

Table 3. Number of banks by category in Isle of Man.

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 OriginNumber of Branches
GB United Kingdom2
JE Jersey2
ZA South Africa1

Table 4. Number of branches of foreign banks in Isle of Man grouped by country of origin.

Deposit Guarantee Scheme

Maximum Protected Amount
50,000 GBP

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:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Isle of Man are summarised in Table 5.

Maximum Protected Amount
50,000 GBP
Scheme Participants
all credit institutions operating in Isle of Man (including branches of foreign banks)
branches of Manx banks abroad
Eligible Depositors
natural persons
  • residents of the Isle of Man
  • citizens of the Isle of Man
  • foreign residents
  • foreing citizens
legal entities
  • registered in the Isle of Man
  • registered abroad
  • companies
  • trusts
  • nominees
  • charities
  • partnerships
Non-Eligible Depositors
licensed by the IOMFSA
other banks
Covered Accounts
any credit balance on an account with a bank, for example
  • current accounts
  • notice accounts
  • fixed term accounts
Non-Covered Accounts
client accounts
Covered Currencies
all currencies, namely
  • IMP (Manx pound)
  • GBP (Pound sterling)
  • foreign currencies
Paid In Currency
GBP

Table 5. Deposit guarantee scheme in Isle of Man.

Further Information

Country Ceiling for Deposits

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)
Aaa (prime)
Foreign Currency
Aa2 (high grade)

Local currency (Manx pound) deposit ceiling for Isle of Man is set to Aaa (prime), foreign currency deposit ceiling is Aa2 (high grade).