The Central Bank of Curaçao and Sint Maarten announced that implementation of Curaçao’s new Deposit Guarantee Scheme (DGS) is underway following its formal introduction by national decree and a ministerial regulation. The scheme is scheduled to take effect on 1 July 2025 and will apply to credit institutions established in Curaçao that are licensed by the central bank, excluding international credit institutions. Protected amounts will be capped at Cg 50,000 per account holder per institution for banks and Cg 25,000 for credit unions. Eligible depositors will be reimbursed within 20 business days in the event of a bank failure. Funding will come from a Deposit Guarantee Fund managed by a foundation established under the DGS Law and financed by annual contributions from credit institutions, with DGS tasks shared between the central bank and the foundation. Work is also underway with the Ministry of Finance of Sint Maarten to implement a similar deposit guarantee scheme in Sint Maarten.
Central Bank of Sint Maarten & Curacao 2025-05-23
Central Bank of Curaçao and Sint Maarten starts implementing Curaçao deposit guarantee scheme with coverage up to Cg 50,000
The Central Bank of Curaçao and Sint Maarten is implementing Curaçao's new Deposit Guarantee Scheme (DGS), effective 1 July 2025, covering licensed credit institutions in Curaçao. The scheme caps protection at Cg 50,000 for banks and Cg 25,000 for credit unions, with reimbursements within 20 business days of a bank failure. A similar scheme is being developed for Sint Maarten in collaboration with its Ministry of Finance.