Governor: Bahamians Fully Covered on Banking Failures
The Central Bank's governor, John Rolle, stated that planned legal reforms will increase 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 create "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
- Proposed changes will create "dedicated back-up funding" for the Deposit Insurance Corporation.
- The back-up regime will ensure rapid payouts of all insured deposits.
- It will prevent the Deposit Insurance Corporation from exhausting its reserves, which stood at $101.5m at year-end 2024.
The creation of this back-up regime will generate an added layer of protection, giving Bahamian depositors greater confidence that their financial well-being is protected.
Author summary: Governor ensures Bahamians' bank deposits are secure.
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