Deposit insurance premiums up over 10pct

Total deposit insurance premiums have amounted to nearly VND1,400,000 billion in the year to date, up 10.8 percent from late last year, according to the Ministry of Finance.

The Deposit Insurance of Vietnam (DIV) has conducted regular checks at the deposit insurers, including 90 banks, 11 non-banking institutions, 1,120 central and local people’s credit funds.

In the year’s first six months, DIV issued and renewed 359 deposit insurance certificates and recalled 145 certificates as a result of the mergers of credit institutions.

DIV also monitored operations of LienVietPostBank and other banks that merged, and dealt with institutions violating deposit insurance regulations.

According to the ministry, DIV inspected 20 commercial banks and 97 local people’s credit funds in January-June and found 38 credit funds violating safety regulations.

In a working session on June 18, the National Assembly passed the Deposit Insurance Law which will take effect from next year.

The prime minister on July 3 picked Bui Khac Son as general director of DIV. Nguyen Manh Dung, Nguyen Nhu Minh and Nguyen Dinh Luu serve as Son’s deputies.

http://english.thesaigontimes.vn/Home/business/financial-markets/24583/

 

Category: Finance