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VI Deposit Insurance Corporation launched to usher in new era of Financial Security

January 27th, 2024 | Tags: money Finance economics bank deposit
The Ministry of Finance has announced the establishment of the Virgin Islands Deposit Insurance Corporation (VIDIC), a crucial step towards enhancing financial security for depositors within the Territory of the Virgin Islands. Photo: Internet Source
The Board is comprised of Mr. Ian S. Smith as Chairman who said,
The Board is comprised of Mr. Ian S. Smith as Chairman who said, "“We believe that the establishment of the VIDIC marks a significant milestone in reinforcing the stability and security of our financial system.' Photo: VINO/File
ROAD TOWN, Tortola, VI - The Ministry of Finance has announced the establishment of the Virgin Islands Deposit Insurance Corporation (VIDIC), a crucial step towards enhancing financial security for depositors within the Territory of the Virgin Islands.

The VIDIC held its Inaugural Board Meeting on January 16, 2024, and 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,” a release noted.

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 organization.

Board already in place 

The Board is comprised of Mr. Ian S. Smith as Chairman, Mr. David Walker as External Director, along with Mr. Kenneth Baker, Mrs. Sherri Ortiz-Fahie, and Mr. Phillip Fahie as directors.

The core objectives of VIDIC’s Core Objectives included Deposit Protection to ensure safety for your deposits in any financial situation and Financial Stability to contribute to a resilient and robust financial sector.

Other objectives include Public Awareness and Education to enhance the public’s knowledge about financial safety and sound banking practices along with Collaboration with Financial Institutions while working alongside banks to uphold and maintain high standards of financial security.

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

In 2016, legislators in the Virgin Islands House of Assembly (HoA) moved to pass the VI Deposit Insurance Act, which allowed for the establishment of the VI Deposit Insurance Corporation and the VI Deposit Insurance Fund. 

10 Responses to “VI Deposit Insurance Corporation launched to usher in new era of Financial Security”

  • ……………………………. (27/01/2024, 16:28) Like (17) Dislike (1) Reply
    He mess up Ss with them
    Houses on the hill now he back at it again
  • Rubber Duck (27/01/2024, 17:26) Like (7) Dislike (1) Reply
    Presumably it will collect a new tax and then lend the money to the government.
  • Not me. (27/01/2024, 17:37) Like (7) Dislike (6) Reply
    I would not deposit a single dime into any financial scheme the Virgin Islands government is a part of. Look at their track record.
  • SOME DUDE (27/01/2024, 18:52) Like (14) Dislike (1) Reply
    Parna, rent out them house on the hill before you start some more stupidness
  • Dancing with the Stars (27/01/2024, 22:28) Like (4) Dislike (1) Reply
    Where ignorance is bliss, it is folly to be wise. I wish to respond to the blogger, Not Me. I think the establishment of this insurance is a step in the right direction. For too long many financial institutions, have declared bankruptcy and depositors lose their monies. This is a safeguard to ensure that deposits at the banks are secure. I will certainly insure my resources at the bank. After all, I have worked too hard to lose my money in the event that the bank declare bankruptcy. No wonder many persons are having challenges because of lack of a safety net.
  • And Antoinette (28/01/2024, 07:00) Like (5) Dislike (0) Reply
    As chair of social security he and Ronnie wasted our money with them houses up long bush hill now they are a financial embarrment but you all recycled him to cause another feg? Ayo sick in this place
  • great (28/01/2024, 09:34) Like (1) Dislike (2) Reply
    More fees and less service just what we need from these flintstone banks.
  • @ dancing with the stars. (28/01/2024, 14:09) Like (1) Dislike (0) Reply
    Name one that went bankrupt in past 30 or so years.
  • hmm (28/01/2024, 17:23) Like (0) Dislike (0) Reply
    Our deposits will be safe with what money?


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