The Virgin Islands Deposit Insurance Corporation Inaugural Board Meeting

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. Kenneth Baker Director Mrs. Sherri Ortiz-Fahie Director Mr. Phillip Fahie Director In the ever-evolving landscape of finance, the VIDIC aims to build trust, confidence, and resilience in the banking sector. Key objectives of the Board are: Deposit Protection: The VIDIC will offer insurance coverage to eligible deposits, ensuring that depositors are protected in the event of a financial institution's failure. Financial Stability: By closely monitoring and assessing risks in the financial sector, the VIDIC will contribute to the overall stability of the financial system. Public Awareness and Education: The VIDIC is committed to raising awareness about deposit insurance and educating the public on the importance of sound financial practices. Collaboration with Financial Institutions: Working in tandem with financial institutions, the VIDIC will collaborate to implement best practices and standards to mitigate risks and ensure a resilient financial system. The Chairman of VIDIC stated: "We believe that the establishment of the VIDIC marks a significant milestone in reinforcing the stability and security of our financial system. The VIDIC is dedicated to safeguarding the interests of depositors by providing deposit insurance coverage and promoting financial stability within the territory. This initiative underscores our commitment to fostering trust and confidence in the banking sector. We value our relationship with the BVI Bank Association and look forward to a continued partnership in maintaining the robustness and reliability of our financial system. For more information about the Virgin Islands Deposit Insurance Corporation, please contact the Ministry of Finance at (284) 468-2095.