News & Events

By Antoinette McKain, Chief Executive Officer, Jamaica Deposit Insurance Corporation

I am happy to welcome you to this Bank Resolution Workshop and Simulation Exercise. I would like to especially welcome Mr John Jackson, the Chairman of the Board of Directors of the JDIC and Mrs Myrtle Halsall, JDIC Board member; Mr...

Presenters at the Forum (L-R): Mrs Meisha Rainford, Assistant Director, Code of Conduct at the Bank of Jamaica (BOJ); Mr Michael Johnson, Senior Marketing Officer at the Jamaica Stock Exchange; Ms Antoinette McKain, CEO, JDIC; Ms Sharon Johnson, Director, Credit Reporting Oversight at the BOJ; Mr Richard Rowe, Regional...

Consultation Paper

This Consultation Paper outlines proposals to enhance the current legal framework for the resolution of regulated non-viable financial institutions (FIs) in Jamaica. The institutions proposed to be within the scope of this framework include: financial holding companies (FHCs), commercial banks, merchant banks and building societies regulated by Bank of Jamaica as well as securities dealers and life and general insurance companies regulated by the Financial Services Commission (FSC).

Did You Know?

With the establishment of the JDIC and the passing of the Deposit Insurance Act 1998, all depositors of a bank or other insured deposit-taking financial institution that fails will get back up to a maximum of $600,000.

In the past when a bank failed there was no guarantee as to how much the depositors of the failed institution would be refunded.

In light of the number of bank failures of the mid-nineties, the Government recognized the need for a formal system of deposit insurance.

The Jamaica Deposit Insurance Corporation (JDIC) is an independent statutory organization set up by the Government to protect depositors.