Governor: Bahamians Fully Covered on Banking Failures
The Central Bank's governor, John Rolle, stated that planned legal reforms will enhance Bahamian consumer confidence in receiving "swift payouts of all insured deposits" in the event of a bank collapse.
According to Rolle, proposed changes to the Protection of Depositors Act will establish "dedicated back-up funding" for the Deposit Insurance Corporation, providing it with "greater liquidity" to compensate Bahamians if their banking institution fails.
swift payouts of all insured deposits
The "back-up" regime will ensure rapid payouts of insured deposits and prevent the Deposit Insurance Corporation from exhausting its reserves, which stood at $101.5m at the end of 2024.
This added layer of protection will give Bahamian depositors greater confidence in the security of their financial well-being.
Author's summary: Governor ensures Bahamians' bank deposits are secure.
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