As the JDIC continues its public education initiatives to mark 20 years of operations, on Saturday March 23, 2019 the Corporation will host a Public Forum and Financial Fair at the Old Hospital Park in Montego Bay, St James.
Themed Empowering Today’s Financial Consumer for the Future, the event will be held in...
Welcome all to this Jamaica Deposit Insurance Corporation (JDIC) Public Forum and Fair. We welcome as well all those listening in through our outside broadcast. We are bringing this Forum to you under the theme of “Empowering Today’s Financial Consumers for the Future”. Our partners in this are the Bank of Jamaica, the...
Jamaica Deposit Insurance Corporation (JDIC) is an independent statutory corporation, established in 1998 under the Deposit Insurance Act (DIA). It’s Board is subject to the corporate governance principles embodied in the Public Bodies Management and Accountability Act (PBMA), the Financial Administration and Audit (FAA) Act and the Corporate Governance Framework for Public Bodies in Jamaica.
The Jamaica Deposit Insurance Corporation (JDIC, the Corporation) will reach 20 years in operation in FY2018/19. During the four year planning period FY2018/19 – FY2021/22, the Corporation’s existing mandate for the protection of depositors
under the Deposit Insurance Scheme, and for carrying out restructurings of nonviable member institutions as receiver and liquidator will be enhanced. This will be
within the context of significant regulatory reforms for financial system safety and
soundness started from the prior period.
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.