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Deposit Protection Fund covers 96% of deposits.

By 31 December 2009 the Deposit Protection Fund had 339.3 million som, said Deposit Protection Fund Executive Director Jyrgal Kasymov.The Government of Kyrgyzstan contributed 284.6 million som and commercial banks contributed 54.7 million som into the Deposit Protection Fund.The given Fund should protect financial sustainability via deposit protection system.22 banks are participating in the deposit protection program so far.The current size of the Deposit Protection Fund allows to guarantee each bank depositor compensation payment of up to 100 thousand som and will cover 96% of deposits.The Deposit Protection Agency generated 5.583 million som from investments made into government treasury bills, notes of the National Bank.The Deposit Protection Agency may invest its funds into government stocks, other highly liquid and reliable instruments of stock exchange, including international ones in accordance with the law passed by the Kyrgyz Parliament this January.

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Publication:AKIpress News Agency
Date:Feb 8, 2010
Words:162
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