The Board is responsible for policy formulation which oversees the administration of the Deposit Protection Fund including the levying of contributions from contributory institutions and the payment of compensation to depositors in the event of insolvency of a contributory institution.

 

The Fund’s Board is committed to promoting depositor’s confidence in the banking system and to contributing to growth in stability and soundness in the financial sector. The Fund's Board works closely with the Bank Supervision Department of the Reserve Bank. In this regard, it supports bank exit procedures by giving the supervisor greater flexibility and freedom to let problem financial institutions fail. In this regard, the DPC can be appointed  as the  liquidator of an insolvent contributory institution.

 

The Board endeavors to review its procedures from time to time to ensure that they remain relevant and practical in a growing and complex financial system. The membership of the Fund is compulsory and includes all registered commercial banks, merchant banks, building societies, discount houses, finance houses and deposit-taking micro-finance institutions. The Fund derives its income from periodic contributions from its members, borrowings and investments.

 

The Board comprises of the following:

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