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Home FAQ Does the Barbados Deposit Insurance Corporation (BDIC) have the power to close a member institution?
Does the Barbados Deposit Insurance Corporation (BDIC) have the power to close a member institution? Print E-mail

According to the Deposit Insurance Act 2006, a member institution licensed under the Financial Institutions Act, can only be “closed by or with the approval of The Central Bank of Barbados as a result of financial difficulties.”

 
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Disclaimer

Please Note: This website is designed to give general information about deposit insurance and should not be relied upon as definitive. The actual deposit insurance coverage provided by BDIC following the failure of a member institution is based on the deposit account records at the failed member institution and is governed by the Deposit Insurance Act.