News & Events

Jamaican depositors will get additional deposit insurance coverage from the new Joint, Trust and Nominee (Accounts) Regulations, gazetted on April 28, 2015. Under the Jamaica Deposit Insurance Corporation’s (JDIC) Deposit Insurance Scheme, the new Regulations provide for separate deposit insurance coverage for the...

The presentation outlined:

  • Financial Crisis Management and Safety Net Evolution
  • Guidance on Developing Effective Resolution Regime for Banks
  • Role of Deposit Insurance Agency in an Enhanced Bank Resolution Model
  • Intervention & Resolution Framework for Banks in Jamaica
  • ...

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.