~CBCS Starts Implementation of Deposit Guarantee Scheme~
CBCS Starts Implementation of Deposit Guarantee Scheme WILLEMSTAD/PHILIPSBURG – The Centrale Bank van Curaçao en Sint Maarten (CBCS) started implementing the Deposit Guarantee Scheme (DGS) for Curaçao. The DGS was formally introduced on March 31, 2025, with the publication of the national decree on the Deposit Guarantee Scheme (P.B. 2025, no. 53). Concurrently, the Minister of Finance of Curaçao signed a ministerial regulation, elaborating further on the DGS. The DGS for Curaçao will enter into effect on July 1, 2025. The DGS promotes confidence in Curaçao’s financial system and strengthens the financial stability of the monetary union. The DGS legislation applies to credit institutions established in Curaçao and licensed by the CBCS. International credit institutions are not covered by this legislation. The DGS protects account holders’ deposits in the event that a credit institution becomes unable to meet its obligations. Per account holder and per institution, deposits are protected up to Cg 50,000 (for credit institutions) and up to Cg 25,000 (for credit unions). The DGS ensures that affected account holders receive the protected portion of their deposits within 20 business days. The Deposit Guarantee Fund (DGF) provides the funds for this purpose. The Deposit Guarantee Fund Foundation, established under the DGS Law, will manage the DGF. Credit institutions are required to make regular annual contributions to the DGF, based on the volume of guaranteed deposits held at each institution. Together, the CBCS and the DGF Foundation will be responsible for carrying out all tasks and activities related to the DGS. The CBCS is currently working on the DGS for Sint Maarten in close cooperation with Sint Maarten's Ministry of Finance. The DGS for Sint Maarten will offer the same level of protection to account holders with credit institutions established in Sint Maarten. The publication of the DGS national decree represents a major milestone in the realization of the DGS for Curaçao.
Willemstad, May 23, 2025.
CENTRALE BANK VAN CURAÇAO EN SINT MAARTEN