The Project seeks to –
(i) develop a harmonised legal framework comprising a model deposit insurance Bill and subsidiary regulations; and
(ii) formulate s proposals for a model resolution regime for financial institutions in CARICOM Member States.The two (2) complementary thematic areas seek to strengthen the financial safety-net architecture and preserve financial stability by providing:
(i) an appropriate legal and regulatory framework which guarantees eligible depositors in the Community with a minimum level of protection against losses due to the
failure of a covered financial institution; and (iii) recommendations for a robust resolution framework to allow for the orderly intervention in, and restructuring of non-viable financial institutions.
The Consultants will be required to elaborate and refine the drafting instructions for the Model Law in accord with the standards and best practices set out in the approved
CARICOM Policy on Deposit Insurance for the consideration and concurrence of Member States. Where necessary, the Consultants will advise on the further refinement of the
standards to address the peculiar circumstances of CARICOM Member States. The drafting instructions will be used as the basis for the preparation of the Model Law and relevant regulations which would facilitate the harmonisation of the legal and regulatory framework for deposit insurance in Member States.