Fact: A member institution licensed under the Financial Institutions Act, 2008 can only be “closed by or with the approval of The Central Bank of Trinidad and Tobago as a result of financial difficulties.”
Frequently Asked Questions
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.
