When an institution has been closed by the Central Bank and a winding-up order is issued by the Court, each depositor will be notified in writing at the depositor’s last address on record with the institution. This notification will be mailed shortly after the institution closes. Notification will also be given in the press.
Frequently Asked Questions
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
- What is a Liquidator’s certificate?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
Did You Know?
- Misconception: The Deposit Insurance Corporation (DIC) is empowered to close a member institution. - Fact: A member institution licensed under the Financial Institutions Act, 2008 can only be “closed by or with the approval of The Central Bank of Trinidad and Tobago as a result of financial difficulties.”
