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.
Frequently Asked Questions
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- When can an eligible depositor expect to receive his or her money?
- Are any other cash liabilities of financial institutions covered?
- Can a depositor leave his/her deposit with the transferee institution?
Did You Know?
- Misconception: Placing funds in any instrument offered by a member institution would be covered by the DIC - Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.
