The Dutch Central Bank DNB launched a public awareness campaign (see Wednesday newspaper) to highlight its deposit guarantee for the Caribbean Netherlands. This safety net protects deposits on Bonaire, St. Eustatius and Saba of up to US $25,000 in the event of a bank failure.
Meanwhile, the Central Bank of Curaçao and St. Maarten (CBCS) at the end of May this year announced implementing a deposit guarantee scheme (DGS) for Curaçao effective July 1. Per account holder amounts of up to 50,000 Caribbean guilders (for credit institutions) and Cg. 25,000 (for credit unions) are now covered there.
CBCS said back then it was working on a DGS for St. Maarten, in close cooperation with the Ministry of Finance in Philipsburg. It will offer the same level of protection to account holders with credit institutions established on the Dutch side.
Close to six months have since passed and little more has been heard. It’s important because confidence in the country’s financial system remains essential for doing business in general and particularly foreign investment.
Especially considering the recent Girobank and Ennia debacles within the monetary union, it seems high time for a follow-up.
