Annual Report 2014

View or Download Annual Report 2014  

Properties for Sale by the Deposit Insurance Corporation (DIC) – Mayaro

The Deposit Insurance Corporation invites offers to purchase the following properties MAYARO 52,013 square feet of freehold land situated at Leisureville Road, off the Mayaro Guayaguayare Road, Mayaro.  

Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?

Shareholders of a failed institution recover their investment only after all depositors and other creditors receive payment in full on their claims, including interest, in accordance with the laws governing liquidation.  

How quickly will the Liquidator make payments on certificates?

Payments, called dividends, depend on the rate of recovery from the liquidation of the assets of the institution, and the extent and priority of claims from other creditors of the institution. Final disbursements may take several years, depending on the type of assets to be realised.  

What is a DIC certificate?

The DIC will issue certificates to cover the value of deposits in excess of the insured maximum of $125,000 as well as other uninsured claims against the failed institution.  

Does the borrower’s obligations to the institution continue after the institution is closed?

Yes. When acting as Liquidator of a closed institution, the DIC is acting on behalf of all creditors of that institution and its obligation is to collect on all loans promptly and efficiently along with other assets of the institution.  

Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?

The Corporation will offset the balance on a deposit account, including any uninsured portion, against a loan if the loan and deposit are held by the same person or persons.