Financial sector of the Turks and Caicos Islands is focused on providing the following financial services:
Banks in the Turks and Caicos Islands are mainly focused on the following areas:
Financial Services Commission
Currently there are 6 credit institutions operating in Turks and Caicos Islands.
Recent structural changes (2013 - 2018) of the banking sector of Turks and Caicos Islands are summarised in Table 1.
|Number of Opened Banks||0||0||0||0||0||0|
|Number of Closed Banks||0||0||0||0||0||1|
Table 1. Recent structural changes in the banking sector of Turks and Caicos Islands.
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:
There is no deposit guarantee scheme in Turks and Caicos Islands.