Finance and the Public Service (MOFPS) Archives

The Jamaica Deposit Insurance Corporation (JDIC) was established by the Government of Jamaica on August 31, 1998, to protect depositors and promote confidence and stability in the financial system. Its creation marked a significant step in strengthening Jamaica’s financial regulatory framework.

As a statutory body, the JDIC reports to Parliament through the Minister of Finance and the Public Service, providing operating plans, forecasts, accounts, and other information as required.

The Corporation’s primary objective is to establish and manage a Deposit Insurance Scheme to protect depositors from loss, up to a specified limit.

Its main goals are to:

Provide the highest level of coverage possible to small depositors.
Restore and maintain confidence in deposit-taking institutions and by extension contribute to the stability and confidence in the nation’s financial sector.
Provide a clearly defined system for dealing with problems which may arise in insured financial institutions.

Through the preceding objectives, the Corporation aims to contain contagious runs on financial institutions in the event of a failure of a Policyholder(s).

Clarendon Alumina Production Limited (CAP), established to represent the Government of Jamaica in the joint venture operation of Jamalco, plays a pivotal role in the country’s alumina industry. CAP holds a 45% stake in Jamalco, with the remaining 55% owned by General Alumina Jamaica LLC (GAJ), a subsidiary of the Noble Group. The Jamalco operations have seen various ownership changes, including a transition from Alcoa to the Noble Group and, most recently, to Century Aluminum Company in May 2023, which now serves as the managing partner.

CAP’s primary focus is on enhancing the operational efficiency and long-term sustainability of the Jamalco refinery. In partnership with Century, CAP is implementing Project Restore, a strategic initiative to increase production capacity and reduce operational costs. This project is expected to boost the refinery’s alumina production capacity to 1.211 million tonnes by March 2027.

The CAP projects a net profit increase for the 2025/26 financial year of US$44.21 million. To fulfill its targets, the NIF’s staff and Board must uphold strong corporate governance. Let’s take a look at their progress!