We Don’t Need Bank to Issue Banknotes

Even if the Isle of Man Bank were to close all of its offices in the island, it would not affect our ability to issue our own money, the Treasury Minister has told Keys.

Alf Cannan was asked by Garff MHK Martyn Perkins what the implications are for the issue of gov banknotes if the bank were to close down.

In Keys, the Minister said he envisaged it would have no impact as the bank works as an ‘intermediary’ capacity for the gov. He added: ‘Should this unlikely event occur, the Treasury would consider the options available to it including whether other bodies could act in a similar intermediary role.’

Mr Perkins said that with cash playing an increasingly smaller role and the days of the Manx cat coin boxes encouraging kids to save their money being ‘long gone’, he asked Mr Cannan for his opinion on what can be done about virtual banks and the public adapting to the cashless society.

Mr Cannan said gov should ‘not stand in the way of change’ and would instead focus on helping people and businesses to adapt to technology and finance.

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