The presentation was made at the Caribbean Capacity Building Workshop on Secured Transactions and Asset Based Lending at the Jamaica Pegasus Hotel on February 10, 2015.
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.