In Hanoi, on January 26, 2018, SBV Deputy Governor Dao Minh Tu had a meeting with the delegation from the International Association of Deposit Insurers (IADI) led by Mr. Lucas Metzger, COO of esisuisse.
Also attending the meeting were Mr. John Chikura, CEO of Deposit Protection Corporation of Zimbabwe, cum Treasurer and member of the Executive Council of the IADI, Mr. Jerry Sociedade, Director, Executive Office/International Affairs of Canada Deposit Insurance Corporation, and representatives from the SBV Banking Supervision Agency, Deposit Insurance of Vietnam (DIV), etc.
At the meeting, Deputy Governor Dao Minh Tu warmly welcomed the working visit of IADI delegation to the SBV. He said that Vietnam Government and the SBV acknowledged the important role of the DIV, which was established with the purpose of protecting depositors, contributing to stabilizing the system of credit institutions and ensuring a prudent banking sector, safe and sound banking operations. He added that the Law on deposit insurance, which was promulgated in June, 2012 and took effect from January 1, 2013, is the legal basis for the DIV’s operations.
Deputy Governor Dao Minh Tu shares his views at the meeting
He briefed the guests of several substances related to the issuance, and the submission for issuance of the legal documents on deposit insurance in 2017, of which a number of important substances governing deposit insurance activities were approved and supplemented in order to be in line with the practical operations of commercial banks in Vietnam and to ensure the operational effectiveness of the DIV.
On behalf of the delegation, Mr. Lucas Metzger shared some information on the initial results of the DIV’s “Self-assessment on compliance with Core Principles for Effective Deposit Insurance System”. He said that Vietnam’s competent bodies have made many progresses in the application of the basic standards in the Core Principles in various areas. For example, Vietnam now has a comprehensive framework for the participation in deposit insurance, which requires all banks to join the deposit insurance scheme.
Mr. Lucas Metzger exchanges information at the meeting
In addition, the two sides also exchanged their views on various substances such as the role of the DIV in the process of addressing poor-performing banks, additional instruments which the DIV needs before providing financial support in order to help protect the DIV’s funds for deposit insurance.
Le Hang