Government announces banks review

An independent review into the Isle of Man's offshore banks is to take place, the British government has revealed.

The treasury announced the independent assessment of British offshore financial centres, including those on the island, would be looked at.

The review will be undertaken to assess how the Isle of Man is coping in the current economic situation.

It comes after Alistair Darling refused to help savers in the island who lost millions in the Icelandic Bank crisis.

The Minister for the Crown Dependencies, Lord Bach, said: "This review is an opportunity for the Crown Dependencies to demonstrate their strong track record in the regulation of their financial services industries.

"The review will allow the Crown Dependencies to participate in an open debate about how they can best be equipped to withstand the current difficult economic climate without calling into question their constitutional arrangements."