Opposition Senator Karina Goodridge has thrown her support behind the Protection of Depositors Bill, but is urging the government to strengthen accountability measures to ensure the Barbados Deposit Insurance Corporation (BDIC) is held to the same reporting standards it expects of financial institutions.

The Friends of Democracy leader told the Senate that the bill’s overall objective of protecting depositors deserved support:

“I support the objectives of the bill. I believe that every Barbadian who entrusts their savings to a licensed bank or a credit union deserves confidence that, should the institution fail, there is a credible and well-governed system and a mechanism of protection capable of protecting those insured deposits.”