Deposit insurance

From Wikipedia, the free encyclopedia

Explicit Deposit insurance is a measure introduced by policy makers in many countries to protect deposits, in full or in part, in the event of a "run" on a bank or banks. The failure of a bank has the potential to trigger a much broader spectrum of harmful events. Deposit insurance systems is one component of a financial system safety net that contributes to the promotion of financial stability. The purpose of deposit insurance varies from one country to another but in most cases they are designed to contribute to financial stability and to protect less financially sophisticated depositors. Deposit insurance institutions are for the most part government run or established, and may or may not be a part of a country's central bank, while some are private entities with government backing or completely private entities.

Many national deposit insurers are members of the International Association of Deposit Insurers (IADI), an international organization established to contribute to the stability of financial systems by promoting international cooperation and to encourage wide international contact among deposit insurers and othe interested parties, in particular, IADI.

The United States was the first country to establish an official deposit insurance scheme, during a Great Depression banking crisis in 1934. According to IADI, as of June 2006, there are currently 118 countries with a deposit insurance system in operation, pending, planned or under serious study (i.e. 95 in operation, 11 pending, 12 planned or under serious study). There are a number of countries with more than one deposit insurance system in operation (e.g. Austria, Canada, Germany, Italy and the United States). On the other hand, one deposit insurance system can cover more than one country (e.g. the Marshal Islands, Micronesia, and Puerto Rico are insured by the US Federal Deposit Insurance Corporation; and Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon will be covered also by a single system).

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