For Institutions
DGS obligations in the event of mutations
Introduction
Changes such as mergers, acquisitions, or market exits may affect how depositor protection under the DGS Sint Maarten is applied:
- When a credit institution exits the Sint Maarten financial sector, any contributions already paid remain part of the DGF. Contributions are not refunded.
- A newly licensed credit institution in Sint Maarten that falls under the scope of the DGS is required to pay base contributions to the DGF from the date its license is granted by the CBCS.
- When two (or more) credit institutions merge, or when a credit institution is taken over by a credit institution that is covered by the DGS Sint Maarten, the accumulated contributions in the fund are combined.
- In case of a (partial) transfer of covered deposits between two participating credit institutions, the base contributions already paid remain in the DGF. The acquiring credit institution is therefore not required to pay additional base contributions for deposits for which contributions were paid in previous periods, and no restitution is made to the selling credit institution.