The Treasury Minister has confirmed recent discussions with the Isle of Man Bankers Association regarding access to banking services but admitted no data has been provided on the opening of basic bank accounts.
Jason Morehouse asked Dr Alex Allinson what meetings he has held with the association recently and what has been discussed.
The minister said: “Treasury periodically holds meetings with representatives of the Isle of Man Bankers Association. The last of these was a meeting on January 23 2025, when we discussed the various aspects of access to banking services in the Isle of Man, and more generally, access to cash.”
He added, “I raised concerns about the recent publicly published branch closures. I also received a positive general update on the banking sector.
“There was a discussion about the availability for individuals to open a basic bank account, but no specific issues were identified, and no data was provided during or following this meeting.”
Seven Days
During Keys, the Treasury Minister said that basic bank accounts could be opened swiftly, “as long as people could provide the appropriate data in terms of KYC and proof of identity that could be turned around within seven days.”
However, this was met with skepticism.
Lawrie Hooper (Ramsey) said: “I would implore anyone who has successfully managed to open a bank account within seven days, please get in touch with the Treasury Minister. That certainly is not the experience that I’ve had.”
Dr Allinson later acknowledged past delays but insisted that banks had since rectified the issue and said members can inform him if their constituents are experiencing problems.
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