Deposit Insurance Corporation Launched

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Clifton Skelton/BVI Platinum News

(PLTM) - GIS - The Ministry of Finance is proud to announce the establishment of the Virgin Islands Deposit Insurance Corporation (VIDIC), a crucial step towards enhancing financial security for depositors within the Territory.

The VIDIC held its Inaugural Board Meeting on 16th January, 2024.

VIDIC – Your Financial Safety Net: VIDIC is designed to be the financial safety net for the Territory, offering crucial deposit protection. In the event of a bank's failure, VIDIC helps to ensure that your hard-earned money is safe. It's a proactive measure to instill confidence and security in our banking system, providing peace of mind to every depositor.

The VIDIC Board of Directors is a group of accomplished experts who will play a pivotal role in guiding the strategic direction and ensuring the success of this very important organisation. The Board is comprised of the following persons:

Mr. Ian S. Smith – Chairman Mr. David Walker – External Director Mr. Kenneth Baker – Director Mrs. Sherri Ortiz-Fahie – Director Mr. Phillip Fahie –Director

VIDIC’s Core Objectives:

Deposit Protection: Ensuring safety for your deposits in any financial situation.

Financial Stability: Contributing to a resilient and robust financial sector.

Public Awareness and Education: Enhancing knowledge about financial safety and sound banking practices.

Collaboration with Financial Institutions: Working alongside banks to uphold and maintain high standards of financial security.

A Word from the Chairman: “We believe that the establishment of the VIDIC marks a significant milestone in reinforcing the stability and security of our financial system.” said Mr. Ian S. Smith, Chairman of VIDIC.

For more details about VIDIC's role in enhancing financial security in the Virgin Islands, contact the Ministry of Finance at (284) 468-2095.

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