Deposit Insurance Corporations in the Caribbean Region

Trinidad & Tobago

We’ve told you a bit about how the Deposit Insurance Corporation of Trinidad and Tobago (DICTT) operates and why.

We also told you that DICTT was established in 1986, manages a Fund which currently stands at US$540 million and has a membership of 24 institutions.

Now, let’s take a closer look at the regional deposit insurance landscape…

(Regional deposit insurance landscape information as at July 2020.)

Jamaica

Established by Deposit Insurance Act of 1998, the Jamaica Deposit Insurance Corporation or JDIC is comprised of a seven member Board of Directors who manages a fund worth US$166.3 million.

The JDIC has 11 member institutions and offers coverage up to US$4,275 on savings and chequing accounts, time deposits, certificates of deposit, managers’ checks, money orders, drafts, travellers checks issued by the financial institution, a share in a building society (other than capital shares, preference shares) and foreign currency deposits.

Bahamas

The Bahamas Deposit Insurance Corporation was established under the Protection of Depositors Act 1999 and the Protection of Depositors Bye Laws 1999 and manages a fund of US$58 million.

Like the JDIC, they have 11 member institutions but offer coverage up to US$50,000. Covered accounts include checking, savings, demand and time accounts. Certain cash liabilities, for which a certificate, receipt, check, money order, draft or other primary liable instrument has been issued are treated in the same manner as deposits.

Barbados

The Barbados DIC was established on June 8, 2007 by the Deposit Insurance Act 2006 with a seven member Board of Directors and a fund valued at US$53 million. They, too, have 11 member institutions and offer coverage up to US$12,500.

Guyana

In Guyana, the DIC was established with a five member board under Section 5 of the Deposit Insurance Act 2018. The fund currently stands at US$3.6 million with a target size of 5% of the total industry’s value of insured deposits within ten years of its establishment.

The Guyana DIC has eight member institutions and offers coverage up to $US9,585 on checking accounts (or demand deposits), savings deposits, time deposits (or certificates of deposit) and foreign currency accounts.

Belize

Finally, the Belize DIC is the newest organisation to join the Caribbean deposit insurance family. The corporation was passed by Parliament in December 2019 and signed into law in January 2020 with a five member Board of Directors.

The BDIC is aiming to establish a minimum fund coverage ratio of 4% by 2030 and offers coverage up to US$9,980 to domestic bank and credit union customers.

The DICTT is in good company across the Caribbean. If you have funds saved in any of the countries mentioned above, make sure you ask your regional financial institutions the same questions you’re asking in T&T!