$600,000 Covered in Licensed Deposit-Taking Institution

Effective July 1 this year, each deposit in a licensed deposit-taking institution will be covered to the level of $600,000.
This was announced by the Minister of Finance and Planning, Dr. Omar Davies, yesterday (April 12), when he opened the 2007/08 Budget Debate in the House of Representatives. “From time to time, the Jamaica Deposit Insurance Corporation (JDIC) has assessed the insurance coverage limit and the last assessment was carried out recently,” the Minister said.
The Minister pointed out that the level of coverage was 2.27 times the per capita Gross Domestic Product (GDP) and was above international standards. The previous amount covered was $300,000.
“Jamaica Deposit Insurance Corporation has served to provide depositors in licensed deposit-taking institutions with a level of protection such that, if for any reason there was a bank failure, their hard earned savings would be safe,” he explained. Dr. Davies pointed out that the coverage for each deposit was being effected with no increase to the premiums charged to participating institutions.