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Economy and Banking Sector of the Turks and Caicos Islands

Financial Services

Financial sector of the Turks and Caicos Islands is focused on providing the following financial services:

  • international insurance
  • fund management
  • company administration

Banking Focus

Banks in the Turks and Caicos Islands are mainly focused on the following areas:

  • retail banking
  • business banking
  • international banking

Banking Supervision

Financial Services Commission

Banking Sector Structure

Number of Banks
7

Currently there are 7 credit institutions operating in Turks and Caicos Islands.

Deposit Guarantee Scheme

Maximum Protected Amount
0 USD

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

There is no deposit guarantee scheme in Turks and Caicos Islands.