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Discussing the draft Law on Deposit Insurance (amended) at the conference of specialized National Assembly deputies, delegate Ly Tiet Hanh ( Gia Lai ) said that the purpose of deposit insurance is to protect the rights and legitimate interests of depositors as well as ensure the safe and healthy development of the banking system.
However, the draft Law on Deposit Insurance only stipulates that insured deposits are deposits in Vietnamese Dong of individuals, etc. Meanwhile, there are currently many types of investments that people can make and save such as credits, gold, foreign currency, etc.
"If only Vietnamese Dong deposits are insured, the ability to attract resources from the people into the banking system will be limited because when people deposit in other forms (not VND), they will not be insured," the delegate commented.
In response to the concerns of delegates, Deputy Governor of the State Bank Doan Thai Son said that, in principle, like all other countries in the world , deposit insurance normally only insures deposits in the country's domestic currency and does not insure other types of assets that are not money and not domestic currency.
The first reason is the mechanism, almost all countries require a mechanism to ensure against the dollarization or foreignization of national finances. If we have an insurance policy for foreign currency deposits, the general trend of people and businesses will increase their holdings of foreign currency assets, which will greatly affect the policy of restricting the use of foreign currency in the territory.
Second, deposit insurance for foreign currencies will also greatly affect the monetary policy management of the State Bank, because deposit insurance for foreign currencies means expanding the monetary base and it is very difficult to control this foreign currency.
Third, as mentioned, it is common practice for all countries to only insure the domestic currency.
This revised Law on Deposit Insurance adds a number of notable new points. Accordingly, the Vietnam Deposit Insurance will be allowed to make special loans to participating organizations in risky situations such as mass withdrawals, special control or need to recover under a restructuring plan. The right to decide on lending, including whether or not to require collateral, is also expanded. In addition, the draft stipulates that the time of insurance payment obligations will come earlier in crisis situations, helping to limit the risk of insecurity in the credit system.
Delegate Quynh Mai Dung ( Phu Tho ) expressed her support and high agreement with this regulation, allowing the Deposit Insurance of Vietnam to participate in restructuring the system soon. In addition, the delegate also requested the State Bank to have a mechanism to ensure safe information sharing between the Deposit Insurance of Vietnam and credit institutions, avoiding data leakage and information insecurity as happened at the Vietnam Credit Information Center (CIC) recently.
Regarding the deposit insurance premium, the draft Law gives the Governor of the State Bank the right to decide, calculated based on the average deposit balance of each participating organization. Delegate Ly Tiet Hanh said that this calculation method does not accurately reflect reality, because it does not take into account the risk level or financial situation of each bank. Therefore, the delegate proposed to add other criteria to ensure fairness and encourage organizations to participate in improving risk management capacity. Delegate To Ai Vang (Can Tho) also suggested that the Government issue more detailed instructions on the rights and obligations of deposit insurance organizations, in accordance with the new situation and ensuring feasibility when implementing.
Regarding the investment activities of the Deposit Insurance of Vietnam, delegates said that the source of capital for this operation is quite abundant, not only from the contribution of organizations participating in deposit insurance but also directly related to the capital invested by the State. Therefore, the management of investment capital of the Deposit Insurance of Vietnam must attach the responsibility of deposit insurance organizations to the responsibility not only of paying for the activities of depositors and the responsibility for the organization and operation as well as the sustainable development of banks in general.
Regarding this issue, Deputy Governor Doan Thai Son said that regarding the plan to increase insurance premiums, the draft law is being assigned to the State Bank of Vietnam for consideration and decision.
Regarding the mechanism for monitoring investment activities, the draft law designs the first and highest principle to ensure safety, because this fund is collected to fulfill the obligation to pay insurance if it arises and to ensure the rights of depositors. The second principle is efficiency, that is, the principle of profitability.
The current draft law has overcome previous shortcomings (overemphasizing safety) and has become more balanced, that is, it has allowed the expansion of the list of investment activities as well as the investment subjects. The draft law has also specified what investment products are and which organizations issue these products. At the same time, the draft law also assigns the State Bank to regulate the control mechanism to ensure the effectiveness of this activity according to the principle of decentralization.
Source: https://baodautu.vn/pho-thong-doc-ly-giai-khong-bao-hiem-tien-gui-cho-ngoai-te-d398670.html
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