BVI To Protect Bank Deposits
by Mike Godfrey, Lowtax.net, Washington
01 June, 2016
Deposits with financial institutions in the British Virgin Islands will be protected following the enactment of the Virgin Islands Deposit Insurance Act 2016.
The Virgin Islands Deposit Insurance Corporation will be responsible for insuring deposits, levying premiums for the insurance fund, and educating consumers on the Corporation's role and the rights of depositors in the event of failure of an insured institution.
Premier and Minister of Finance, Orlando Smith, said the deposit insurance system is designed to protect at least 94 percent of domestic depositors in the British Virgin Islands.
He added that he is optimistic that the protection of deposits "will help to strengthen the economic stability of the territory's financial system. As a result, this will contribute to increased consumer confidence, due to the introduction of depositor protection that was not previously offered."
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