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.
proposed changes to the Protection of Depositors Act will create "dedicated back-up funding" for the Deposit Insurance Corporation and provide it with "greater liquidity"
The reforms aim to prevent the Deposit Insurance Corporation from exhausting its reserves, which stood at $101.5m at the end of 2024, and provide an added layer of protection for Bahamian depositors.
The governor's goal is to give Bahamians greater confidence that their financial well-being is protected in the event of a banking failure.
Author's summary: Reforms to boost consumer confidence in banking system.
- Planned legal reforms to enhance consumer confidence
- Dedicated back-up funding for the Deposit Insurance Corporation
- Greater liquidity to compensate depositors in case of bank failure