Saturday, September 24, 2011

Arbuzov figured out how to protect bank depositors

The National Bank of Ukraine proposes to use the insurance of long-term bank deposits as an additional tool guarantees repayment to depositors. This is stated in the report released today by the NBU. "The initiative of the National Bank is to enter the insurance amount of long-term deposit investor - natural persons, exceeding the guaranteed payments to the Fund, ie no restrictions limiting the amount" - the report said the National Bank. In this case, National Bank believes that insurance should be subject to deposits both in local and foreign currency as well as in precious metals. In addition, it is proposed to consider extending insurance mechanism and long-term deposits of legal entities. "Such a tool should be used directly by banks on a voluntary basis with the assistance of reliable insurance companies. In order to encourage banks to participate in the Deposit Insurance National Bank is willing to consider the possibility of introducing specific incentives for banks", - underline the NBU. As is known, are considered long-term deposits placed with banks on the basis of the deposit agreement for a term exceeding one year. At present, banks voluntarily created Deposit Insurance Fund of physical persons guarantees payment of the contribution of up to 150 thousand UAH. Earlier, the National Bank issued for public discussion a bill, a ban on early withdrawal of funds from bank deposits. In this case, the NBU said that the proposals are not final position of the regulator, and an invitation to debate on this issue. Ministry of Industry

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