It is probably a little appreciated fact that Malta's banks have remained largely isolated from the international credit crunch and its associated problems. This is testimony to the prudence they displayed in the good times that has left them with adequate cover in the downturn.

With the benefit of hindsight, several other comparable small island nations would love to have been in the same position; to name but two: Iceland and the Isle of Man.

These two countries are associated, in that the collapse of the Icelandic banks last October, which caused devastating effects to that country, has had reverberations in the Isle of Man, where several Icelandic bank subsidiaries are based.

It is known that there are 316 depositors registered in Malta with accounts at just one of these banks, Kaupthing Singer & Friedlander (Isle of Man) Ltd. This bank is now in provisional liquidation.

The Isle of Man government is proposing a scheme of arrangement towards which it is contributing up to £180 million, whereby creditors could get back 70 per cent of their deposits.

Urgent attempts are being made to contact the Maltese depositors to make them aware of the Depositors Action Group who can be contacted at: chat.ksfiomdepositors.org.

It is particularly important that depositors with over £50,000 in the bank familiarise themselves with this website as there are very good reasons why they may want to vote against the scheme and see the bank put into liquidation, which would trigger the Depositors Compensation Scheme instead.

If you know of anyone with an account in the Isle of Man or, indeed, are a depositor yourself then please bring this to their attention but, meanwhile, let all the other Maltese be thankful that their banks have acted with caution and are in good shape.