Bank Supervision
The Deposit Insurance Corporation
The Central Bank of The Bahamas is responsible for the administration of the Deposit Insurance Corporation (DIC), which is one of the 25 founding members of the International Association of the Deposit Insurers (IADI). Established 30th September 1999, through the enactment of the Protection of Depositors Act, 1999, the DIC is committed to the implementation of international best practices and standards and, as established under Section 3 of the same Act, is the Manager of the Deposit Insurance Fund.
Pursuant to Section 4 of the Act, membership in the Fund is compulsory for every institution conducting banking business wholly or partly in Bahamian dollars, and licensed under the Banks and Trust Companies Regulation Act. As of April 2nd, 2007, there were fourteen member institutions in the Fund: Ansbacher (Bahamas) Limited; Bank of The Bahamas Limited; Bank of Nova Scotia Trust (Co.) Bahamas Limited; Citibank, N.A.; Commonwealth Bank Limited; Fidelity Bank (Bahamas) Limited; Fidelity Merchant Bank & Trust Limited; Finance Corporation of Bahamas Limited; FirstCaribbean International Bank (Bahamas) Limited; FirstCaribbean International Finance Corporation (Bahamas) Limited; Royal Bank of Canada; Royal Bank of Canada Trust Company (Bahamas) Limited; SG Hambros Bank & Trust (Bahamas) Limited; and Scotiabank (Bahamas) Limited.