Submit to the National Assembly the draft Law on Deposit Insurance (amended)

According to the Proposal, the amendment of the Law on Deposit Insurance aims to perfect the legal framework for deposit insurance organizations to operate more effectively, protect depositors' rights, contribute to maintaining the stability of the credit institution system and ensure social security.

The draft law inherits current regulations on the rights and obligations of deposit insurance beneficiaries, and at the same time adds responsibilities of deposit insurance participating organizations, including calculating fees and publicizing information on deposit insurance participation.

Scene of the morning working session on October 23. Photo: QUANG PHUC

The Draft Law also proposes a number of regulations to simplify procedures and increase the operational efficiency of deposit insurance organizations, such as amending and supplementing regulations on granting and revoking certificates of participation in deposit insurance in the direction that deposit insurance organizations automatically grant and revoke certificates immediately after the State Bank or competent authorities grant or revoke the operating licenses of deposit insurance participating organizations...

The draft Law also proposes to assign the Governor of the State Bank to regulate deposit insurance premiums.

The draft Law also inherits and supplements safe investment forms, including buying and selling bonds, deposit certificates or depositing money at commercial banks with state capital or with state-owned enterprises capital of over 50% of deposit insurance organizations. Accordingly, deposit insurance organizations must control and manage risks in investment; the Governor of the State Bank shall prescribe methods and procedures for risk management...

Governor of the State Bank Nguyen Thi Hong presents the Draft Law on Deposit Insurance (amended). Photo: QUANG PHUC

The audit report of the Economic and Financial Committee presented by Chairman Phan Van Mai said that during the audit process, the 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 verifying 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 deposit insurance organizations, and strengthen the mechanism for information sharing and effective coordination between relevant agencies in checking, inspecting and supervising credit institutions.

Regarding special loans, the appraisal agency proposed to have specific instructions on the maximum scale of special loans, calculated on the total operational reserve fund; to develop a set of transparent criteria to approve special loans; to strengthen the mechanism to monitor the use of these loans, ensuring proper purposes and effectiveness.

The review agency also requested clarification of the division of authority between the State Bank and the deposit insurance organization, including determining in which cases credit institutions are allowed to borrow specially from the State Bank, and in which cases they are allowed to borrow from the deposit insurance organization to avoid overlap and improve the effectiveness of supporting the financial system.

Tổ số 2.jpg — Delegates discuss at group 2. Photo: QUANG PHUC

On the same morning, National Assembly deputies continued to discuss in groups the contents of the draft Law on Deposit Insurance (amended).

At group 2, some delegates suggested that the draft should stipulate a specific mechanism to protect the interests of depositors, especially in situations where risks arise. At the same time, they suggested clearer regulations on the division of responsibilities between competent authorities when approving repayment or advance plans.

DO TRUNG

Source: https://www.sggp.org.vn/trinh-quoc-hoi-du-an-luat-bao-hiem-tien-gui-sua-doi-post819473.html