1 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 ENHANCING THE LEGAL FOUNDATION FOR DEPOSIT.

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Presentation transcript:

1 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 ENHANCING THE LEGAL FOUNDATION FOR DEPOSIT INSURANCE OPERATION IN THE NATIONAL FINANCIAL SAFETY NET Bui Khac Son General Director Deposit Insurance of Vietnam Bui Khac Son General Director Deposit Insurance of Vietnam

2 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 CONTENT PART I: FINANCIAL MARKET AND ITS SUSTAINABLE DEVELOPMENT PART II: NATIONAL FINANCIAL SAFETY NET PART III:LEGAL POSITION OF DEPOSIT INSURER IN THE NATIONAL FINANCIAL SAFETY NET PART IV:ENHANCING THE LEGAL FOUNDATION FOR DEPOSIT INSURANCE OPERATION PART V: CONCLUSION

3 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 PART I: FINANCIAL MARKET AND ITS SUSTAINABLE DEVELOPMENT

4 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 FINANCIAL MARKET AND ITS SUSTAINABLE DEVELOPMENT 1.1. Development trend of financial market 1.2. Ensure the sound and sustainable development of financial market

5 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Development trend of financial market Economic and financial interaction and dependency among countries in the region Financial crisis in : causes and effects Competition trend among world economies The combination between banking and insurance industry IT and communication revolution

6 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Ensure the sound and sustainable development of financial market Legal foundation: legalize the relation among regulators; relation between regulators and financial institutions International standards on accounting and auditing system, risk management Protection of consumers, investors and depositors

7 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 PART II: NATIONAL FINANCIAL SAFETY NET

8 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 NATIONAL FINANCIAL SAFETY NET 2.1. Concept and operational model 2.2. Role, function and responsibilities 2.3. Coordination between the participants of the Financial Safety Net 2.4. Set up the technical infrastructure

9 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Concept and operational model Ministry of Finance Financial Safety Net Firm legal foundation, clear division of roles and responsibilities and effective coordination mechanism Deposit Insurer Central Bank Other supervisory Agencies

10 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Role, function and responsibilities Mission Objective Instruments Strategies

11 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Coordination between the participants of the Financial Safety Net Country risks Consumer protection Depositor protection Central BankMinistry of FinanceDeposit Insurer Financial Regulators and Integrated supervision system i. Administrative and Technical Structure iv. Enforcement Capacity iii.Onsite examination & institutional building ii. Offsite supervision and rating system Systemic Supervision/Monitoring Capacity

12 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Set up the technical infrastructure Financial services provider Central Bank Ministry of Finance Deposit Insurer TCP/IP Data sharing

13 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 PART III: LEGAL POSITION OF DEPOSIT INSURER IN THE NATIONAL FINANCIAL SAFETY NET

14 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 LEGAL POSITION OF DEPOSIT INSURER IN THE NATIONAL FINANCIAL SAFETY NET 3.1Model and mandates of deposit insurer 3.2Scope of operation

15 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Models of deposit insurers Pay-box Pay-box with extended functions Risk minimizer Pay-box with extended functions Pay-box

16 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Scope of operation Types of insured deposit Identify the insured organizations –Commercial banks, –Cooperative banks, –Wholesale banks, –Financial companies, –Insurance companies, –Securities companies. The function of risk-minimizer

17 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 PART IV: ENHANCING THE LEGAL FOUNDATION OF DEPOSIT INSURANCE OPERATION

18 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 ENHANCING THE LEGAL FOUNDATION OF DEPOSIT INSURANCE OPERATION 4.1 Objectives of National financial safety net 4.2Enhancing the legal foundation of deposit insurance operation

19 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Function of National financial safety net Ensure the sound and sustainable development of the financial system; Best protecting the consumers, investors and depositors; Minimize the use of state budget to resolve the failed institutions Restructure the financial system; Managing effectively the supervisory operation. Enhance the cooperation between Central Bank, Ministry of Finance, Deposit Insurer and State securities commission

20 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Enhancing the legal foundation of deposit insurance operation The Law on deposit insurance Identify and determine the functions and mandates The independence status of deposit insurer Synchronization of legal documents related to deposit insurance operation Enhancing the legal capability of deposit insurer in conjunction with the capacity building and financial capability

21 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 PART V: CONCLUSION

22 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 CONCLUSION 5.1 Enhancing the legal foundation of deposit insurance operation 5.2 Proposal on enhancing the legal foundation of DIV

23 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Enhancing the legal foundation of deposit insurance operation The coordination of National Assembly, Government, Ministry of Finance, Central Bank and Deposit Insurer. Deposit Insurer is an independent organization, with the mandates to protect the depositors and stabilize the financial system Adopt the international standards in financial sector and recommendations of IADI

24 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Proposal of Enhancing the legal foundation of DIV Formulating the Law on deposit insurance in conjunction with the Law of State Bank, Law on credit institutions, Law on insurance, Law on Security and Consumer protection Law Improving the financial capability, human resources, IT infrastructure of DIV. Coordination between DIV with other supervisory agency pursuant to the Law on deposit insurance

25 International Conference on Enhancing the Effectiveness of Deposit Insurance Operation, Hanoi March, 2007 Thank You !