The Government has issued a Depositor Protection Bond in the amount of $157,000,000.00 to the Depositor Protection Trust (DPT), which was established by the Government as part of the ABI Bank resolution strategy.
According to a release, the bond is to ensure that the beneficiaries of the Trust will receive payments every year over the next ten (10) years.
The Government made its first payment to the DPT on 23rd May, 2016 which allowed the DPT to make its initial principal and interest payment to the beneficiaries of the Trust as of May 31, 2016 in accordance with the provisions of the Trust Deed.
On 28th October, the Government made its second payment to the DPT in the amount of $1,413,000 to cover interest payments. The DPT therefore made the second payment to beneficiaries as of November 30, 2016 in accordance with the provisions of the Depositor Protection Trust Deed.
Of the seventy five (75) eligible individuals and entities who had balances remaining with the ABI Receiver, fifty six (56) have already signed up to become beneficiaries of the Trust and received payment on Wednesday.
To date, the Government has paid $18.74 million to the DPT towards honoring its commitment to the depositors of the former ABI Bank Ltd. Payments on the Depositor Protection Bond are due semi-annually and the Government guarantees that these payments will continue to be made to the Depositor Protection Trust to ensure that beneficiaries can recover from the DPT a benefit equivalent to the amounts owed to them by ABI Bank (In Receivership).