Ambassador Herbert L. Walker, Chairman of the Jamaica Deposit Insurance Corporation, disclosed at a press briefing today (Wednesday, December 1) that the JDIC had collected $134.2 million in initial premiums for the 1998 and a further $141.2 million in annual premiums at the end of November 1999. This means that the agency has collected $275.4 million to date.

The money represents premiums of 0.1% of the insurable deposit base of the institutions covered. The JDIC has invested these resources in risk free government securities, such as Treasury Bills and Local Registered Stock, as required by law.

The Chairman stated that the Corporation had submitted to the Minister its first Annual Report within the stipulated three-month period. The Report, which covers the period August 31, 1998 to March 31, 1999, is to be tabled in Parliament shortly.

In outlining the JDIC’s activities during its first year of operations, Ambassador Walker made particular reference of the outreach seminars for Returning Residents in July and Jamaicans in Britain and North America in October.

It was also announced that the Corporation’s Chief Executive Officer, Winston Carr, has been elected to sit on an international Committee of Deposit Insurers which will study issues that include recent experiences in deposit insurance in countries across the world. The Committee’s Report is to go to a Financial Stability Forum, which will be meeting in Basle, Switzerland, in April 2000.

"We are delighted with this recognition which has been accorded to the Corporation given the fact that we are only a little over a year old," Ambassador Walker said.

Back to News & Press Releases