The Virgin Islands Deposit Insurance Corporation Inaugural Board Meeting
Mr. Ian Smith
Mr. Ian Smith has enjoyed a long career in both public and private sectors and was most recently Senior Vice President at Banco Popular. Prior to his career in banking, Mr. Smith served as an Economist with the Government of the Virgin Islands. He currently operates a financial, economic and management consulting company and is the Chief Operating Officer of a family owned group of companies.
Statement on the establishment of the Virgin Islands Deposit Insurance Corporation
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