A bill before the Senate extends state protection to 200,000 credit union members. The guarantee is not rising, and covers 91 percent of accounts.
Banking
Key Facts
—The bill. The Protection of Depositors Bill brings credit union savings under state insurance on par with banks for the first time.
—The cap. Cover stays at BBD 25,000, roughly $12,500, unchanged since the scheme began in 2007. The Barbados dollar is pegged at two to the American dollar.
—The reach. More than 200,000 Barbadians belong to credit unions, on an island of roughly 280,000 people.
Increase of more than 40% from current figure of £85,000 will give more cover if financial firm goes bust
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