Cover coming for co-op deposits
GREATER FINANCIAL PROTECTION is on the way for credit union depositors.
Government plans to pass legislation early next year to facilitate deposit insurance that would offer partial to full protection in case of loss or failure of institutions, similar to the policy that already exists for commercial banks.
Minister of Finance Chris Sinckler made the announcement Sunday evening at the official launch of the third branch of the Barbados Workers’ Union Co-operative Credit Union in Oistins, Christ Church.
He said that while Barbados had strong regulatory oversight, more needed to be done to enhance regulation and increase protection of depositors and investors in the non-bank financial sector.
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