No. Deposit insurance protects only depositors.
Frequently Asked Questions
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What happens to those depositors whose accounts are subject to further examination?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- When is deposit insurance payable?
Did You Know?
- Misconception: All financial institutions that take deposits are covered under the Deposit Insurance Fund - Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
