3 cases of deposit insurance payment

VTV.vn - In special cases, the Governor of the State Bank will decide on the maximum payment limit equal to the entire insured deposit of the depositor.

On the morning of October 23, authorized by the Government, Governor of the State Bank Nguyen Thi Hong presented to the National Assembly the draft Law on Deposit Insurance (amended).

According to the Governor of the State Bank, the development of the Law on Deposit Insurance (amended) aims to create a complete and clear legal corridor for deposit insurance organizations to better protect depositors' rights, ensure the stability of the credit institution system, and social security and safety.

The Draft Law inherits current regulations on the rights and obligations of deposit insured persons and insurance participating organizations, and at the same time adds the responsibilities of insurance participating organizations in calculating fees, publicizing and coordinating the dissemination of legal policies on deposit insurance.

On the morning of October 23, State Bank Governor Nguyen Thi Hong presented to the National Assembly the draft Law on Deposit Insurance (amended).

Regarding the content of insurance payment, the draft Law stipulates that the obligation to pay insurance will arise from one of the following times: The bankruptcy plan of the credit institution is approved or the State Bank has a document confirming that the foreign bank branch is unable to pay deposits to depositors; The State Bank has a document suspending the deposit-taking activities of a credit institution under special control when this institution has accumulated losses greater than 100% of its charter capital and reserve funds; In the case of payment to ensure system safety and social order and safety.

“The addition of a time limit for paying deposit insurance is to address difficulties and problems in using the deposit insurance organization's operational reserve fund,” said Governor Nguyen Thi Hong.

Regarding the deposit insurance payment limit, in special cases, the Governor of the State Bank will decide the maximum payment limit equal to the entire insured deposit of the depositor at the participating insurance institution. The deposit insurance payment limit in case of implementing the bankruptcy plan of a credit institution under special control will be implemented according to the provisions of the Law on Credit Institutions.

According to the drafting agency, the above regulations aim to promote the role of deposit insurance organizations in protecting depositors' rights and ensuring system safety.

In special cases, the Governor of the State Bank shall decide on the maximum payment limit equal to the entire insured deposit of the depositor at the participating insurance institution.

Regarding deposit insurance premiums, the Governor said that in order to have a basis for applying a flexible fee mechanism, suitable to reality and still ensuring a stable source of deposit insurance premium revenue, the draft Law assigns the Governor to regulate the deposit insurance premium level, the application of a uniform deposit insurance premium or a differentiated deposit insurance premium in accordance with the characteristics of the Vietnamese credit institution system in each period.

For credit institutions under special control, the draft Law supplements regulations on the temporary suspension of payment of deposit insurance premium debt arising before the time of placing them under special control.

This creates a basis for this organization not to immediately pay the underpayment fee, late payment fee and late payment amount (if any). The credit institution is responsible for developing a plan to repay the amount of money that has been temporarily suspended in the restructuring plan.

The Draft Law also stipulates that deposit insurance organizations shall make special loans to deposit insurance participating organizations when deposit insurance participating organizations are subject to early intervention, special control and mass withdrawals; to implement recovery plans and compulsory transfer plans.

“The deposit insurance organization decides on special lending, including lending with/without collateral, with/without interest,” the Governor said.

Need to specifically define "special cases"

Reviewing the draft Law on the limit of insurance payment, Mr. Phan Van Mai - Chairman of the Economic and Financial Committee said that the State Bank Governor's regulation of the limit of insurance payment in each period is appropriate. However, at the same time, there should be specific guidelines on the principles of adjusting the limit of insurance payment in accordance with reality, protecting the rights and legitimate interests of depositors.

For over-limit payments, it is necessary to specify the basis for determining "special cases" of over-limit payments, and study a transparent approval process with the participation of relevant agencies such as the State Bank, Ministry of Finance , etc.

The Economic and Financial Committee also proposed to develop a set of transparent criteria for approving special loans.

“Strengthen the mechanism to monitor the use of special loans from the deposit insurance organization, clarify which cases credit institutions borrow specially from the State Bank; which cases borrow specially from the deposit insurance organization; have specific instructions on the conditions, interest rates and collateral of special loans from the deposit insurance organization for credit institutions,” Mr. Mai stated.

Source: https://vtv.vn/3-truong-hop-chi-tra-bao-hiem-tien-gui-100251023122520209.htm