De Nederlandsche Bank conducts rehearsal for functioning of Deposit Guarantee Scheme

De Nederlandsche Bank (the Dutch Central Bank, hereinafter DNB) will conduct a small rehearsal on 17 December to test the Deposit Guarantee Scheme for the Caribbean Netherlands in a simulation.

De Nederlandsche Bank is responsible for the implementation of the Deposit Guarantee Scheme which ensures that customers of affiliated banks in the Caribbean Netherlands can rest assured that their money is safe up to USD 10,000.00 per person, per bank, should anything happen to a bank.

The system is discussed annually on paper in different meetings but now for the first time, a rehearsal will be conducted on location. The pretend customers of a bank will visit DNB staff with their documents to register for repayment of the deposits which they hold with the “pretend collapsed bank”.  The DNB uses this rehearsal to ensure that this process runs smoothly should one day a bank actually “collapse”.

Deposit guarantee requirements

According to the Deposit Guarantee Scheme, the residents of Bonaire, St. Eustatius and Saba, are protected up to USD 10,000.00 per person, per bank, in general, if three requirements are met:

  1. The money is deposited in an account with a bank licenced by the DNB to operate in Bonaire, St. Eustatius or Saba;
  2. The resident (or company) is registered with the bank as account holder;
  3. The resident has a sedula (or is a company) and legally resides in the Public Entity Bonaire, St. Eustatius or Saba.

More information for residents

Residents of Bonaire seeking more information about the Deposit Guarantee Scheme for the Caribbean Netherlands can contact a branch or visit the website of their bank. The DNB website for the Caribbean Netherlands (www.cn.dnb.nl) has an information page on the deposit guarantee. Here you can also find the brochure and a factsheet in three languages that explain exactly how the protection works.

RCN

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