Assignment of Functions (Minister of Finance, Economic Development and Investment Promotion) Notice, 2025
The President has moved administration of the Deposit Protection Act to the Minister of Finance, adding it to the Minister's schedule of assigned Acts.
Acting under section 104(1) of the Constitution as read with section 37(2) of the Interpretation Act, the President has assigned the administration of the Deposit Protection Act [Chapter 24:29] to the Minister of Finance, Economic Development and Investment Promotion.
Statutory Instrument 197 of 2023 — the notice listing the Acts assigned to that Minister — is amended by adding the Deposit Protection Act to its Schedule.
The practical effect is administrative rather than substantive: it fixes which Minister answers for the Act, makes the regulations under it and exercises the ministerial powers it confers, which matters for the Deposit Protection Corporation and for banks and depositors relying on the compensation scheme. The notice does not change any right or obligation under the Act itself.
What changed
- Administration of the Deposit Protection Act [Chapter 24:29] is assigned to the Minister of Finance
- The Act is added to the Schedule of S.I. 197 of 2023
Who this affects
- The Deposit Protection Corporation
- Banks and deposit-taking institutions
- Depositors relying on the protection scheme
- Legal practitioners tracking ministerial responsibility
Plain-language summary — not legal advice. Always read the full instrument.