House of Assembly

Statement on the establishment of the Virgin Islands Deposit Insurance Corporation

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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

VIDIC Launch

Launch Of The Virgin Islands Deposit Insurance Corporation: A New Era Of Financial Security

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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.
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