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Adjustments to the Deposit Guarantee for the Caribbean Netherlands

News item | 06-01-2025 | 20:26

As of 1 January 2025, the deposit guarantee has been amended in three key areas: the coverage amount, the removal of the residency criterion, and the establishment of a fund for financing the deposit guarantee.

Depositogarantie

The Deposit Guarantee for the Caribbean Netherlands (DGS BES) was introduced in 2017, with an agreement to evaluate it after several years. The evaluation concluded that the current design of the DGS BES does not sufficiently contribute to enhancing financial stability and consumer protection. Consequently, it has been adjusted in three areas.

Adjustments

The DGS BES has been modified as follows:

  1. The maximum coverage amount has been raised from USD 10,000 to USD 25,000. This enhancement means that more account holders are protected. With a maximum of USD 25,000, over 90% of account holders will receive a full refund of their funds. This percentage aligns with that of the European part of the Netherlands. This adjustment ensures that the guarantee meets international standards prescribed by the International Association of Deposit Insurers (IADI).
  2. The residency requirement has been eliminated. The DGS BES now protects all account holders of banks in the Caribbean Netherlands, regardless of their place of residence or establishment.
  3. The financing of the deposit guarantee has been restructured. Banks will now contribute in advance to the establishment of a fund.

Deposit Guarantee

The Deposit Guarantee for the Caribbean Netherlands is administered by De Nederlandsche Bank (DNB). It is a free protection scheme that automatically safeguards customers' (savings) deposits ranging from 1 US cent up to a maximum of 25,000 USD, in the event of a bank failure.

A deposit refers to funds held in bank accounts such as current accounts, savings accounts, and time deposits. If a bank covered by the deposit guarantee becomes insolvent, De Nederlandsche Bank will compensate eligible account holders.

This protection applies per individual or business (not per account), per bank (holding a licence from De Nederlandsche Bank).

More Information

If you have questions about the deposit guarantee for the Caribbean Netherlands or require further information, please visit www.dnb.nl/caribisch-nederland, or contact De Nederlandsche Bank's Public Information Service (available in Dutch and English).
 

The Public Information Service is based in Amsterdam, Netherlands. From the Caribbean Netherlands, you can call on business days between 9:00 and 17:00 (Central European Time/Central European Summer Time) at +31 20 524 91 11 (international number).