It is necessary to develop and promulgate the Law on Deposit Insurance (amended)

(Chinhphu.vn) – At the plenary session at the Hall this morning (October 23), the National Assembly listened to a report on the draft Law on Deposit Insurance (amended).

Governor of the State Bank of Vietnam Nguyen Thi Hong presents the Draft Law on Deposit Insurance (amended) - Photo: VGP/Nhat Bac

Optimal protection of depositors' rights

The report on the draft Law on Deposit Insurance (amended) presented by Governor of the State Bank of Vietnam Nguyen Thi Hong said that the law was built to create a complete and clear legal corridor for the deposit insurance organization (DII) to better protect the rights of depositors, ensure the stability of the credit institution system, and social security and safety.

The development of the Law on Deposit Insurance (amended) closely follows and fully institutionalizes the Party's guidelines and policies, the State's policies; 5 policies approved by the Government ; inherits regulations that are still suitable for practice and overcomes shortcomings and limitations through the implementation of the Law on Deposit Insurance in 2012. The development of the Law on Deposit Insurance (amended) ensures consistency with other legal regulations; and refers to the experiences of other countries on the basis of suitability with practice in Vietnam.

The Law regulates deposit insurance activities; rights and obligations of deposit insured persons, deposit insurance participating organizations, deposit insurance organizations; and state management of deposit insurance.

The draft law has a structure of 8 Chapters and 42 Articles, of which 26 articles are amended and supplemented; 7 new articles are added; 4 articles are abolished; and 9 articles are kept unchanged.

Maintain the stability of the credit institution system

Examining the draft law, the Economic and Financial Committee (KT-TC) agreed with the necessity of developing and promulgating the Law on Deposit Insurance (amended); stating that the draft Law dossier basically meets the requirements of the Law on Promulgation of Legal Documents; however, the time for submitting the dossier is still slow.

The Economic and Financial Committee requested the drafting agency to continue reviewing and perfecting the draft Law, ensuring its consistency with the Party's policies and viewpoints, and its constitutionality, legality, and consistency with the legal system; at the same time, it is necessary to more carefully assess the resources and conditions to ensure the implementation of the Law.

Regarding the rights and obligations of the deposit insurance organization (Article 14), the Economic and Financial Committee proposed to clearly define the proactive role of deposit insurance participating organizations in calculating fees and the role of deposit insurance organizations in checking and comparing in calculating deposit insurance fees. There should be specific instructions on calculation methods.

At the same time, clarify the legal value of the inspection results conducted by the deposit insurance organization, strengthen the mechanism of information sharing, and effectively coordinate between relevant agencies in the inspection, examination, and supervision of credit institutions. Clearly distinguish the cases and conditions for deposit insurance organizations to receive support from the state budget; borrow from credit institutions, other organizations with government guarantees or special loans from the State Bank of Vietnam; consider the way of expression, ensuring compliance with the process of preparing and allocating the state budget.

Regarding the organization of social insurance (Article 27), the Economic and Financial Committee proposed to continue to perfect specific regulations, in which it is necessary to pay attention to a number of issues related to the organization and operation of the social insurance organization such as: additional investment of state capital to increase charter capital; determining investment activities corresponding to operational objectives; evaluating operational efficiency, classification; salary and bonus mechanisms for employees...

Regarding investment activities (Article 29), it is recommended to fully identify and assess the risks involved when expanding investment activities, develop plans to prevent, control and manage risks, analyze and assess the efficiency of capital use when expanding investment activities, form capital preservation mechanisms, ensure liquidity and safety for investment activities; investment is only made when ensuring balance of capacity and reserve capacity for deposit insurance activities.

Regarding special loans (Article 35), the Economic and Financial Committee proposed to have specific instructions on the maximum scale of special loans on the total operational reserve fund; to develop a set of transparent criteria to approve special loans; to strengthen the mechanism for monitoring the use of special loans from the deposit insurance organization, to clarify in which cases credit institutions borrow special loans from the State Bank of Vietnam; in which cases special loans are borrowed from the deposit insurance organization; to have specific instructions on the conditions, interest rates and collateral of special loans of the deposit insurance organization for credit institutions.

Regarding the transitional provisions (Article 40), the Economic and Financial Committee proposed to review the transitional provisions, ensuring full coverage of cases that need to be regulated, avoiding problems in practice; considering the provisions in Clause 3, Article 40, in case it is necessary to add support measures related to the temporary suspension of late payment of social insurance premiums, it is necessary to add provisions to request opinions from competent authorities to ensure a tight political basis, in which, it is proposed to clarify the suspension period, the refund plan and the authority to approve the refund plan for the temporarily suspended payment.

To continue perfecting the draft Law, the Economic and Financial Committee requested that National Assembly deputies focus on discussing and giving opinions on the following contents: on the rights and obligations of deposit insurance organizations; on deposit insurance activities; on deposit insurance organizations; on participating in handling credit institutions that are subject to early intervention and special control; on participating in handling incidents and crises in the operations of credit institutions; on transitional provisions; and other issues that National Assembly deputies are interested in.

Hai Lien

Source: https://baochinhphu.vn/can-thiet-xay-dung-va-ban-hanh-luat-bao-hiem-tien-gui-sua-doi-10225102310190887.htm