Establishment of cooperation between the Deposit Insurance of Vietnam and the Central Bank of Sri Lanka
Hanoi, in the morning of 17th September, 2010, a meeting was held between the Deposit Insurance of Vietnam (DIV) and the Vietnam-visiting representatives of the Central Bank of Sri Lanka - Mr. Raja Nanayakkarra as the Acting Director of Bank Supervision Department under the Central Bank of Sri Lanka (CBSL).
The purpose of the CBSL’s working visit to Vietnam was to inquire information and learn experience of Vietnam in designing and developing deposit insurance system (DIS) in order to make possible reforms on Sri Lanka’s DIS. This event is regard as the good opening for cooperation establishment between the DIV and the CBSL.
DIV’s presentation on introduction and induction of DI in Vietnam provided CBSL with an overview on the development, organizational structure and activities of the DIV. Two parties discussed and exchanged information relating to deposit insurance. Particularly, CBSL was keenly interested in the DIV’s experience in deploying professional activities, such as examination, supervision, financial assistance, information technology and public awareness enhancement. With the 10-year development experience, the DIV hopes to bring practical experiences that may be useful for establishment of an Deposit Insurance Agency in Sri Lanka. The DIV also hopes Sri Lanka’s Deposit Insurance system shall no sooner join the world community of deposit insurers, making contribution to protecting interest of depositors as well as safe and sound development of the banking and financial sector of Sri Lanka in particular and of the world in general.
Experts' opinions: Building an effective Deposit Insurance system in Vietnam
In order to cope with serious consequences of the global financial crisis, almost all nations around the world have set and followed the trend to create or reform their Deposit Insurance Systems. It’s widely recognized that this trend is growing strongly. specifically, there have been 106 countries around the world already establishing their Deposit Insurance Systems and 19 others are preparing to build their Deposit Insurance Systems.