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Further evidence to be heard on bank collapse

Former Treasury Minister Allan Bell and chief financial officer Mark Shimmin are giving evidence this morning (Monday) as inquiries continue into the collapse of Kaupthing Singer and Friedlander and the workings of the Depositors' Compensation Scheme.

A Tynwald select committee is now focusing primarily on the DCS after publishing an interim report into the bank's collapse.

Chairman of the committee Juan Watterson MHK says it's been an extensive inquiry so far, involving a large amount of evidence.

He says that while they have never set out to finger-point, the investigations have highlighted some shortcomings.

One of the recommendations has called for stricter rules on directors withdrawing their own money from banks, especially during turbulent times.

The sitting is at 10.30am in the Legislative Council chamber, and is open to the public.

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