JDIC To Continue Reform Measures

The Jamaica Deposit Insurance Corporation (JDIC) during 2021/22 will continue to work on reforms that comply with international standards aimed at minimising the occurrence and impact of financial crises locally.

These include establishing newer deposit protection schemes and similar provisions for non-deposit-taking financial institutions, financial consumer protection, and financial inclusion strategies.

Details are outlined in the Jamaica Public Bodies Revenue and Estimates of Expenditure, for the year ending March 2022.

Other safeguards and activities programmed by the JDIC are the implementation of guidelines for standard record-keeping requirements for all policyholders; management of policyholders’ admission, monitoring and risk assessment; development of a financial institution resolution framework; and public education and awareness through the dissemination of information on the deposit insurance scheme.

The JDIC provides insurance against the loss of depositors’ funds, through sound management of a Deposit Insurance Fund.

The entity estimates that the fund’s balance will grow to $30.8 billion in the new financial year.

It further projects a net surplus of $2.8 billion, and anticipates that its staff complement will increase by one, to 36.