The Deposit Guarantee Scheme (DGS) coverage limit for the BES islands (Bonaire, St. Eustatius, and Saba) will be increased to USD 25,000 from 1 January 2025. If a bank goes bankrupt, customers will now receive up to USD 25,000 back. Previously, it was USD 10,000 per person. This means that a larger part of customers’ money is protected at banks on the BES islands. The Council of Ministers approved the decision on the proposal of Finance Minister Van Weyenberg.

Following an evaluation of the DGS for the Caribbean Netherlands in 2021, it was decided to adjust the system on three points.

• The coverage limit will be increased to ensure that at least 90% of all money in savings accounts is covered.
• The residency criterion will also be abolished. This means that from now on, all account holders in the Caribbean Netherlands will be protected under the DGS BES, regardless of their place of residence and residence.
• The financing of the fund will also change. Banks will contribute to the build-up of the fund in advance. From now on, the system will be financed by the sector itself in line with the system of the European Netherlands.

The decision will now be sent to the Council of State for advice. The new DGS BES will apply from 1 January 2025.