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  • CP-A.2 CP-A.2 Key Requirements

    • CP-A.2.1

      The Deposit Protection Board (the 'Board') should, subject to and in accordance with the terms and conditions of the regulations in this Module, be responsible for the activities set out under Section CP-1.1.

      October 07

    • CP-A.2.2

      The Board should be convened and ready to carry out its duties in the case of any of the following events identified under Section CP-2.

      October 07

    • CP-A.2.3

      The Scheme will apply to eligible deposits (as defined in Section CP-2.1) held with the Bahrain offices of retail banks which are licensed by the CBB.

      Amended: January 2011
      October 07

    • CP-A.2.4

      Each eligible depositor should be entitled to receive under the Scheme a maximum of the lesser of:

      (a) Three quarters of the combined total amount of all of his eligible deposits with the relevant bank; or
      (b) BD 15,000.
      Amended: January 2011
      October 07

    • CP-A.2.5

      Notwithstanding the provisions of Section CP-2.2, the amount payable under the Scheme in any one calendar year (the 'current year') should not exceed BD 25,000,000.

      October 07

    • CP-A.2.6

      Upon the convening of the Board in accordance with Section CP-1.2, the Board will calculate the total amount of compensation to be paid under the Scheme in the case of the relevant bank, as well as the amount of compensation payable under the Scheme to each eligible depositor of such relevant bank.

      October 07

    • CP-A.2.7

      Upon receipt by the Board of confirmation from the (lead) mandated bank that the actions referred to in Section CP-2.3 have been completed, each eligible depositor should be sent a certificate in duplicate (attached in Appendix CP-1) by the Board informing such eligible depositor of the amount of compensation payable to him/her under the Scheme in respect of his/her eligible deposit(s) with the relevant bank.

      October 07

    • CP-A.2.8

      The CBB requires all retail bank licensees referring (directly or indirectly) to the protection of deposits in related marketing materials and in general notices featured within banking halls and in account documentation, including Annual Reports, to prominently disclose the statement set out under Section CP-2.4.

      Amended: January 2011
      October 07