DEPOSIT INSURANCE FUND TO CREATE
A deposit insurance fund will be founded to create a system of deposit guarantee, prevention of possible losses of deposits of individuals in banks and local branches of foreign banks, provision of security of financial system and banking sector of the state, Deputy Chairman of the Milli Majlis (Parliament) commission for economic policy Ali Alirzayev reported.
This Fund will be a non-commercial juridical person and will be guided by the law “On banks” and others.
Money resources of the fund will be formed up at the expense of sums, coming from shares interest amounted at 0,2 percent of minimal capital fund, calendar contributions of member-banks, incomes got from management of the Fund’s finance deducting current expenses, extra and emergency incomes contributed by the banks, related allowances and other sources not prohibited by the law.
The Fund will be ruled by a Tutorial Board consisted of five members.
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