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.”
Frequently Asked Questions
- What does a deposit transfer involve?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
- Will shareholders of an institution receive any part of their investment before depositors’ claims are satisfied?
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.