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
- If a depositor has an account in the main office of an institution and also at a branch office, are these accounts separately insured?
- What happens to those depositors whose accounts are subject to further examination?
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- What types of deposits are insured?
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.
