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
- What procedure does the DIC follow after an institution has been 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?
- Are any other cash liabilities of financial institutions covered?
Did You Know?
- Misconception: Establishing more than one joint account in the same institution with the same names increases insurance coverage. - Fact: All joint accounts with the same names, notwithstanding alterations to the sequence of names, are added together and insured up to a maximum of TT$125,000.