The British Virgin Islands (BVI) play a key role in facilitating international business. Its strong reputation and strict adherence to international standards position the territory as the trusted center for global investment. 

 

 

 

The statutory framework of BVI Financial Services Commission's (the Commission) co-monitoring partner – the Virgin Islands Deposit Insurance Corporation (VIDIC), has now been solidified with the Cabinet’s approval of the appointment of its first Chief Executive Officer, Ms Lisa Ann Violet, on 26 June 2024. The mobilisation of the VIDIC Board and executive and administrative framework are key steps toward the enhancement of depositor confidence and financial stability in the Territory. Ms Violet, a chartered professional accountant and financial expert with over 25 years of experience in financial services, bank regulation, and enterprise risk management, will play a critical role in helping the VIDIC to achieve its mission.

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. 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 initiative. The Board is comprised of the following persons: Mr. Ian S. Smith Chairman Mr. David Walker External Director Mr.

Madam Speaker,  In 2016, the House of Assembly passed the Virgin Islands Deposit Insurance Act, which sought to establish the Virgin Islands Deposit Insurance Corporation (VIDIC) and a Deposit Insurance Fund to provide, inter alia, limited compensation to insured depositors under certain circumstances.  It is envisaged that a deposit insurance scheme would assist in the restoration and maintenance of confidence in the stability of deposit-taking institutions, and in achieving this objective, reduce the probability of contagious deposit run

The Virgin Islands Deposit Insurance Corporation (VIDIC) is established by the Ministry of Finance to ensure financial security for depositors. VIDIC provides deposit protection, financial stability, and public education while collaborating with financial institutions to uphold standards. Led by a distinguished board, VIDIC serves as a vital safeguard for the territory's banking system.