Local News
BVI Launches Deposit Insurance Corporation to Bolster Financial Security
As part of an initiative to fortify financial security, the Ministry of Finance has established the Virgin Islands Deposit Insurance Corporation (VIDIC).
The corporation, aimed at safeguarding depositors within the Territory, held its Inaugural Board Meeting on January 16, 2024.
VIDIC – Your Financial Safety Net was designed as the financial safety net for the Territory and will provide crucial deposit protection to instill confidence and security in the banking system.
In the event of a bank’s failure, VIDIC will ensure the safety of deposited funds, offering peace of mind to every depositor.
The VIDIC Board of Directors, comprised of accomplished experts, will play pivotal roles in guiding the organisation’s strategic direction. The Board includes:
- Mr. Ian S. Smith – Chairman
- Mr. David Walker – External Director
- Mr. Kenneth Baker – Director
- Mrs. Sherri Ortiz-Fahie – Director
- Mr. Phillip Fahie – Director
VIDIC has outlined key objectives to fortify the financial landscape, including ensuring deposit safety in all financial situations, contributing to a resilient and robust financial sector for overall stability, enhancing public awareness and education regarding financial safety and sound banking practices, and actively collaborating with financial institutions to uphold and maintain high standards of financial security. These core objectives underscore VIDIC’s commitment to fostering a secure and informed financial environment within the Virgin Islands.
For further details about VIDIC’s role in enhancing financial security in the Virgin Islands, please contact the Ministry of Finance at (284) 468-2095.