Decree No. 68/2013/ND-CP dated June 28, 2013 of the Government detailing and guiding the implementation of the Law on Deposit Insurance

THE GOVERNMENT

Decree No. 68/2013/ND-CP of June 28, 2013, detailing and guiding the implementation of the Law on Deposit Insurance

THE GOVERNMENT

Pursuant to the December 25, 2001 Law on Organization of the Government;

Pursuant to the June 18, 2012 Law on Deposit Insurance;

At the proposal of the Governor of the State Bank of Vietnam,

The Government promulgates the Decree detailing and guiding the implementation of the Law on Deposit Insurance.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

 This Decree details and guides the implementation of the Law on Deposit Insurance.

Article 2. Subjects of application

This Decree applies to deposit insurers, organizations participating in deposit insurance, insured depositors and other organizations and individuals involved in deposit insurance activities.

Article 3. Deposit insurers

1. Deposit insurers are state financial institutions established by the Prime Minister and having their functions and tasks defined by the Prime Minister at the proposal of the Governor of the State Bank of Vietnam.

2. Deposit insurers are legal persons operating not for profit, ensuring their capital safety and self-financing. Deposit insurers’ revenues are exempted from all taxes.  

3. Deposit insurers may deduct a part of their revenues from investment of temporarily idle capital to offset expenses. 

 Article 4. Organizations participating in deposit insurance

1. Organizations participating in deposit insurance are credit institutions and foreign bank branches licensed to receive deposits from individuals, including commercial banks, cooperative banks, people’s credit funds and foreign bank branches established and operating under the Law on Credit Institutions.

2. Microfinance institutions are obliged to participate in deposit insurance for deposits from individuals, including voluntary deposits from microfinance clients, except compulsory savings deposits according to microfinance institutions’ regulations.

3. Policy banks are not required to participate in deposit insurance. 

Article 5. Participation in deposit insurance

Credit institutions and foreign bank branches defined in Article 4 of this Decree are obliged to participate in deposit insurance and publicly post up copies of their deposit insurance participation certificates at their head offices, branches and transaction places at which individuals’ deposits are received.

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