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Chairman of the Jamaica Deposit Insurance Corporation (JDIC), R.N.A. Henriques, has lauded the role played by JDIC in protecting taxpayers and stabilising Jamaica’s financial system.
“The Corporation (JDIC) has played a very functional role in that it has relieved the tax payer, that in the event of a melt down, the tax payer will not have to pick up the burden as happened in the early 1990s and that is some solace, particularly for depositors, that there are some measures of protection and stability in the financial sector,” Mr. Henriques said.
He was making welcoming remarks at JDIC’s 10th Anniversary Long Service Awards, held on Wednesday (October 8), at the Alhambra Inn and Restaurant in Kingston.
The Chairman noted that “we always have to keep very good housekeeping to make sure that the finances are kept in order and in looking forward, we have to make plans for any potential eventuality.”
The JDIC was established in 1998, as one of the financial system safety reform measures, consequent on the financial system crisis that Jamaica experienced in the 1990s.
Its role is to protect depositors who invest in deposit taking institutions, such as commercial banks, merchant banks and building societies. In addition, the JDIC’s main goal is to foster financial system stability and depositor confidence.
Deposit insurance is provided to depositors in each deposit taking financial institution, on a per depositor, per financial institution basis and the coverage which the JDIC offers is $600,000 per depositor, per financial institution.
Deposit insurance covers the depositor who holds a single account, a trust account, a corporate account, as well as depositors who hold joint accounts.