Governor: Bahamians Fully Covered on Banking Failures
The Central Bank's governor, John Rolle, stated that planned legal reforms will boost 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 a "back-up" regime to ensure rapid payouts of insured deposits.
- The regime 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 in their financial well-being.
Author's summary: Governor ensures depositors' protection.
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