JDIF Balance to Grow By $3.44 Billion in 2023/24

The Jamaica Deposit Insurance Fund (JDIF) balance is projected to increase to $38.38 billion during fiscal year 2023/24.

This is $3.44 billion more than the $34.96 billion for 2022/23, according to the Jamaica Public Bodies Estimates of Revenue and Expenditure for the year ending March 2024.

The facility supports the deposit insurance scheme (DIS), managed by the Jamaica Deposit Insurance Corporation (JDIC), which provides coverage against loss of funds held in deposit-taking institutions (DTIs).

Meanwhile, the JDIC will continue work this year to implement reforms complying with international standards, to minimise the potential for the occurrence and impact of financial crises.

The reform measures include liquidity, capital adequacy, macro prudential regulations, crises management, and effective resolution frameworks for financial institutions.

Other measures include establishing newer deposit and non-deposit-taking institution protection schemes, financial consumer protection, and financial inclusion strategies.

Other programmed engagements, according to the Estimates, include enhancing frameworks and structures to improve data collection, and monitoring developments relating to digital financial solution products and services offered by DTIs and non-DTIs, and emerging sector trends to ensure appropriate policy responses.

Additionally, the JDIC will be looking to implement standard record-keeping guidelines for all policyholders; manage policyholders’ admission, monitoring and risk assessment; and enhance public education and awareness by disseminating information on the DIS through school programmes, online training for policyholders, and public forums.

The entity is projecting a net surplus of $3.4 billion from its operations this year, which are expected to be executed with an increased staff complement of 44.

The JDIC was established in accordance with the Deposit Insurance Act, 1998, and commenced operations on August 31, 1998.

It is one of the financial system safety net partners and is mandated to manage a scheme to provide insurance against the loss of deposits held in insured financial institutions, up to a maximum of $1.2 million per depositor in each entity.

The Corporation’s mandate is underpinned by ongoing policy reviews and legislative enhancements to improve the financial system.