Core principles for Effective Deposit Insurance Systems

In 2009, the Basel Committee on Banking Supervision (BCBS) and the International Association of Deposit Insurers (IADI) published Core Principles for Effective Deposit Insurance Systems, setting an important benchmark for jurisdictions to use in establishing or reforming deposit insurance systems. The Core Principles were designed to be adaptable to a broad range of jurisdiction circumstances to take into account the broader characteristics of safety net arrangements and address a comprehensive range of issues including coverage, funding, powers, membership, transitioning from blanket to limited coverage and prompt reimbursement http://www.iadi.org/en/core-principles-and-research/core-principles/.

European Directive on Deposit Insurance Schemes

The Directive’s provisions are obligatory for European Member States’ deposit insurance schemes.

The Directive constitutes an essential instrument for proving the stability of the banking system and the protection of depositors through contributing to the effectiveness of deposit insurance schemes. http://www.efdi.eu/publications

 With the aim of improving the effectiveness of deposit guarantee scheme of Armenia, the Fund follows the criteria and provisions stated in the “Core Principles for Effective Deposit Insurance Schemes” and the “European Directive on Deposit Insurance Schemes”, taking into account the country’s peculiarities.