Home' Trinidad and Tobago Guardian : May 8th 2014 Contents A74
Guardian www.guardian.co.tt Thursday, May 8, 2014
In accordance with sections 7, 8, and 9 of the Freedom
of Information Act, 1999 the Deposit Insurance
Corporation being considered a 'public authority'
within the definition set out in Section 4 K (iii) of the
FOIA, hereby lists the documents and information
generally available to the public.
Members of the public have the right:-
1. To access information held by the Corporation.
2. To have official information relating to him/her
amended where it is incomplete, incorrect or
3. To obtain reasons for adverse decisions made
regarding an applicant's request for information
under the FOIA.
4. To complain to the Ombudsman and to apply to the
High Court for Judicial Review to challenge
adverse decisions made under the FOIA.
SECTION 7 STATEMENTS
SECTION 7 (1) (a) (i) - FUNCTION AND STRUCTURE
OF THE DEPOSIT INSURANCE CORPORATION
FUNCTIONS OF THE CORPORATION
The Deposit Insurance Corporation was established
by the Central Bank and Financial Institutions
(Non-Banking) (Amendment) Act, 1986. The main
function of the Deposit Insurance Corporation (DIC) is
to manage the Deposit Insurance Fund which was
established to provide insurance protection to depositors
against the potential loss of their deposit holdings in
financial institutions licensed under the Financial
Institutions Act, No. 26 of 2008.
“To contribute to the stability, safety and integrity of
and public confidence in the financial system of
Trinidad and Tobago by providing protection and
support for eligible depositors and member institutions
and by the prudent and profitable management of the
Deposit Insurance Fund.”
“To become a pro-active and efficient deposit insurance
system, evolving to meet the ever changing needs of a
STRUCTURE OF THE CORPORATION
The Corporation is managed by a General Manager and
is comprised of (3) three departments.
1. The Risk Assessment, Insurance and Liquidation
Department is made up of a Senior Insurance and
Planning Officer, Research Officer and a Research
& Data Base Assistant. The Department is responsible
for assessing the risk portfolio of member institutions,
collecting insurance premiums from member
institutions, processing and settling the insurance
claims of depositors and managing the realization
of the assets of failed institutions.
2. The Legal Department provides legal advice on
liquidation matters and all other issues of a legal
nature related to the operations of the Corporation.
The Department also provides corporate secretarial
duties to the Board of Management. It
is staffed by the Legal Counsel/Corporate Secretary,
a Communications Technician and a Liquidations
3. The Corporate Services and Finance Department
maintains the accounts of the Corporation. It
prepares statutory reports for liquidations in
progress and performs database administration and
systems maintenance. In addition to the Head of
Corporate Services and Finance, the Department is
staffed by a Business Analyst, Technical Analyst,
Assistant Accountant, Accounting Assistant and an
The Senior Officers of the Departments listed above
aand the CIB-ICL Liquidation Team report directly to
the General Manager.
4. The General Manager's office is comprised of an
Assistant General Manager and a Finance,
Research & Market Analyst, whose duties include;
preparing the budgets of the Corporation, analysing
capital and foreign exchange markets, analysing and
maintaining records of the investment portfolio,
investing available funds, as well as conducting
research and reviewing the assessment profiles of
member institutions. The office is supported by an
Executive Secretary, to whom the Courier/Office
Assistant and Hospitality Attendant report.
On October 17, 2011 the High Court of Trinidad
and Tobago ordered the winding up of Clico
Investment Bank Limited and the DIC was appointed
Liquidator. Under the Winding-Up Order, the
Court provided for the appointment and payment of
all professional and clerical staff required to wind
up Clico Investment Bank Limited in Compulsory
Liquidation (CIB-ICL). A CIB-ICL Liquidation
Team comprised of existing officers on the
Organizational Chart of the DIC and additional
clerical and professional offices was formed.
Persons holding the positions of Project Manager,
Senior Legal Counsel, Assistant Manager –
Surveillance and Early Intervention and
Accountant & Liquidation Officer are the designated
senior officers of the Team.
DEPOSIT INSURANCEE CORPORATION
SECTION 7 (1) (a) (ii) - CATEGORIES OF DOCUMENTS
IN THE POSSESSION OOF THE CORPORATION
1. Files dealing with the administrative support and
general administrative documents for the
operations of the Corporation.
2. Personnel files which detail all staff contracts,
appointments, job applications, job specifications,
resignations, leave, vacation, pensions, loans,
performance appraisals etc.
3. Collective Agreements, Circulars, Memoranda,
4. Financial Accounting records (payment vouchers,
cheques, receipts, journals, reconciliation statements,
5. Files dealing with the accounting and financial
management functions of the Corporation.
6. Files dealing with matters relating to the
procurement of supplies and equipment (requests
for proposals, service contracts, etc.).
7. Policy and procedure manuals/documents.
8. Documents relating to the strategic review of the
9. Circulation files consisting of Internal and External
10. Legislation, Legal Notices and Gazettes.
11. Legal opinions and related matters.
12. Files containing litigation matters in which the
Corporation is named as a party.
13. Documents dealing with training - local and foreign.
14. Documents dealing with the appointment of
Directors to the Board of Management of the
Corporation: Cabinet Minutes, Letters of Appointment
and Resignation, Fee Structures etc.
15. Reports: Statistical, Annual, Financial, Investments,
Audit, Consultant and Technical.
16. Valuations, Company Searches, Surveys, Maps and Plans.
17. Agreements for Sale, Deeds of Conveyance,
Mortgages & Releases, Memoranda of Transfer,
Mortgages & Releases.
18. Quarterly disclosure documents relating to the
Deposit Liabilities of member institutions.
19. Files relating to the collection of Premia and
Annual Contributions of member institutions.
20. Files relating to the financial affairs of member
institutions (in liquidation) for which the
Corporation acts as court appointed Liquidator.
21. Winding up Petitions and Court Orders.
22. Files obtained from failed member institutions over
which the Corporation now acts as the legal custodian.
23. Files relating to liquidations and payouts
(settlement of claims, sale of assets, recovery of
outstanding loans, etc).
24. Documents dealing with official functions,
conferences, and events hosted or attended by the
staff of the Corporation.
25. Registers, certificates, permits and licences.
26. Books, booklets, journals, magazines and manuals
relating to the overall functions of the Corporation.
SECTION 7 (1) (a) (iii)
The Deposit Insurance Corporation Information
Booklet can be obtained by the public free of charge at
the Corporation's offices in the Central Bank Building.
(Limited supply available).
Annual Reports of the Deposit Insurance Corporation
can be obtained by the public free of charge at the
Corporation's offices in the Central Bank Building.
(Limited supply available).
Information on the Deposit Insurance Corporation may
be viewed on the Corporation's website at
SECTION 7 (1) (a) (iv)
The Corporation does not offer a subscription service
or have any literature available to the public by way of
PUBLIC STATEMENT OF
THE DEPOSIT INSURANCE CORPORATION OF TRINIDAD AND TOBAGO
IN COMPLIANCE WITH SECTIONS 7, 8 AND 9 OF
THE FREEDOM OF INFORMATION ACT [FOIA], 1999
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