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As the organization directly implementing the deposit insurance policy, Deposit Insurance of Vietnam (DIV) has actively coordinated with functional units of the SBV to carry out the tasks and plan of the Drafting Committee to amend and supplement a number of articles of the Law on deposit insurance. There are 5 contents expected to be included in the proposal to develop the draft law amending and supplementing a number of articles of the Law on deposit insurance.
DIV also organizes research on international experience on deposit insurance; completes references from the US Federal Deposit Insurance Law, compares and proactively proposes appropriate contents in order to maximize the role of DIV in protecting the legitimate rights and interests of depositors.
In addition, the DIV made comments and assessed the proposed policy specified in the Law amending and supplementing a number of articles of the Law on deposit insurance at the request of the Drafting Board for amendments and supplements for a number of articles of the Law on deposit insurance; focusing on proposing specific contents on DIV's participation in the process of restructuring the insured institutions under special control. Attend meetings with members of the Drafting Committee to amend and supplement a number of articles of the Law on deposit insurance as planned and requested.
During the drafting stage of the proposal for developing the Law on deposit insurance, up to now, functional units under the SBV and the DIV have agreed on 5 policy contents that are expected to be amended and supplemented, namely:
Firstly, regarding deposit insurance premium, it is proposed that the Prime Minister shall prescribe the deposit insurance premium framework at the request of the SBV. Relying on the deposit insurance premium framework, the SBV shall prescribe a specific deposit insurance premium rate for insured institutions based on the DIV's assessment and classification results for these organizations.
Regarding the premium calculation of insured institutions, it is necessary to propose additional regulations on the obligations of the insured institutions in the calculation of deposit insurance premium so that the insured institutions and the DIV have sufficient legal basis for implementation. Regarding the time of calculation and payment of deposit insurance premium for the first period, the additional regulations on the time of calculation and payment of deposit insurance premium for the first period for newly established insured institutions is the effective date of the certificate of deposit insurance participation is issued. The Law on deposit insurance also does not provide for the exemption of deposit insurance premium for specially controlled insured institutions. This content is regulated in the Law on credit institutions and should be synchronized with the provisions of the Law on deposit insurance.
Secondly, improve the financial and operational capacity of the deposit insurer. The DIV proposes to amend and supplement the operating capital and revenue. In accordance with the current law, profits from financial investment activities are recognized in operating capital. Specifically, it is necessary to amend and supplement in the direction that operating capital includes charter capital of the deposit insurance organization provided by the State, revenue from deposit insurance premium, and other capital sources as prescribed by law. The operating revenue includes income from investment activities of temporarily idle capital of the deposit insurer and other revenues as prescribed by the law.
In the context that the Government is carrying out the process of restructuring credit institutions, the DIV has been assigned many new tasks to participate more deeply in this process, requiring the need to improve financial capacity. Therefore, it is necessary to propose an additional investment portfolio to help consolidate and strengthen the financial capacity of the DIV for reinvestment, thereby having more resources to support the credit institution system on the basis of harmonizing the benefits of the deposit insurance system and the banking industry as a whole.
Specifically, it can be amended and supplemented in the direction that the deposit insurer is allowed to use the temporarily idle capital to buy bonds guaranteed by the Government to pay 100% of the original value; deposit money; buy bonds, promissory notes, bills, certificates of deposit at commercial banks with good operating quality, meeting the capital adequacy ratio as prescribed by the SBV within the previous 3 years. Besides, DIV is allowed to sell Government bonds; bonds guaranteed by the Government to pay 100% of the original value; SBV bills; bonds, promissory notes, bills, certificates of deposit and valuable papers being held; withdraw bank deposits. The SBV shall endetail the investment activities of the DIV.
Thirdly, supplement the rights and obligations of the DIV. Specifically, it is proposed that the Law on deposit insurance add the following 5 tasks: Participating in the formulation and implementation of a plan to restructure the insured institutions under special control when assigned by competent authorities; Examine the insured institutions according to the scope, content and time limit decided by the SBV in case of necessity; propose the SBV to handle violations of the law on banking and finance and other legal provisions related to examination contents assigned by the SBV. Request the insured institutions to provide their own information about uninsured deposits, debts of the insured individuals, information when there is a change in the transaction location; disseminating the image and activities of the deposit insurer; Training and providing knowledge on deposit insurance and relevant knowledge for organizations and individuals related to the policy.
Fourthly, improve the legal regulations so that the DIV can participate more deeply in the process of restructuring weak credit institutions in Vietnam. Accordingly, it is proposed to add a chapter in the Law on deposit insurance that specifically regulates the participation of DIV in formulating and implementing a plan to restructure the insured institution under special control when assigned by competent authorities.
Fifthly, complete regulations on the time when the obligation to pay insurance premiums arises to ensure timely and effective operation. Accordingly, it is proposed to amend the time when the insurance payment obligation arises to be earlier to promptly protect the legitimate rights and interests of depositors, contributing to ensuring security and social order and safety. Specifically, the amendment towards the insurance payment obligation arises from the time when SBV sends a written request to the deposit insurer to pay the insurance premium to a specially controlled insured institution that is unable to recover.
In the coming time, the DIV said that they will continue to closely follow the plan of the SBV on developing the Law amending and supplementing a number of articles of the Law on deposit insurance. At the same time, DIV will actively do research and make specific proposals to further enhance the role of the deposit insurer in the process of participating in restructuring weak credit institutions, thereby better protecting the legitimate rights and interests of depositors.
