Agency of Deposit Compensation of the Republic of Belarus
The deposit guarantee system in the Republic of Belarus is a system of relationships between the Agency of Deposit Compensation of the Republic of Belarus (hereinafter referred to as the Agency), banks and non-bank credit and financial organizations, and natural persons on issues of guaranteed reimbursement of bank deposits of natural persons in order to protect the rights and legitimate interests of natural persons, stimulate the attraction of public savings, and strengthen confidence in the banking system of the Republic of Belarus.
The subjects of reimbursement of bank deposits are natural persons (citizens of the Republic of Belarus, foreign citizens, and stateless persons), including those acting as individual entrepreneurs, who have concluded one or more contracts of bank account and/or bank deposit with the bank or in whose name such contracts are concluded, as well as their heirs.
The objects of reimbursement of bank deposits are funds in Belarusian rubles and foreign currency placed in accounts and/or deposits of natural persons in banks registered with the Agency.
The preservation of funds of natural persons placed in accounts and/or deposits in banks and non-bank credit and financial organizations of the Republic of Belarus is ensured on behalf of the state by the Agency, which for these purposes accumulates mandatory premiums from banks to form its reserve, manages the reserve, and ensures payouts of reimbursement to natural persons in cases, procedures, conditions, and amounts provided by law.
The Agency was established as a state institution on behalf of the Republic of Belarus by the Council of Ministers of the Republic of Belarus and the National Bank on November 21, 2008 (certificate of state registration of a non-profit organization dated November 21, 2008 No. 0179639).
The main objectives of the Agency:
protection of the rights and legitimate interests of depositors; preservation of their funds in Belarusian rubles and foreign currency placed in banks and non-bank credit and financial organizations; stimulation of savings attraction and strengthening confidence in the banking system.
The subject of the Agency’s activities:
ensuring the payment of reimbursement to natural persons for bank deposits; accumulating mandatory premiums from banks and non-bank credit and financial organizations to form the Agency’s reserve intended for such reimbursement payouts; managing the reserve.
Main tasks of the Agency:
creating conditions to ensure guaranteed reimbursement of bank deposits of natural persons; ensuring the implementation of state policy in the field of protection of rights and legitimate interests of natural persons; strengthening confidence of natural persons in the banking system of the Republic of Belarus to attract additional investments into the economy.
In accordance with its main tasks, the Agency ensures the payout of deposit reimbursement, maintains a register of claims of natural persons, registers banks, maintains their register, determines the banks’ risk groups for the purpose of calculating calendar premiums, checks the timeliness and completeness of mandatory premiums by banks, places temporarily free monetary funds of the reserve, performs functions of temporary administration for bank management by decision of the National Bank of the Republic of Belarus, and by court decision acts as crisis manager in bank bankruptcy procedure and performs other functions assigned to the Agency by the Law of the Republic of Belarus dated July 8, 2008 No. 369-Z “On Guaranteed Reimbursement of Bank Deposits of Natural Persons” and the Charter.
The effective system of guaranteed reimbursement of bank deposits assumes full (one hundred percent) reimbursement of the funds of natural persons placed in accounts and deposits in a bank whose special permission (license) to carry out banking activities, granting the right to carry out banking operations for attracting funds of natural persons in bank deposits, has been revoked either entirely or partially, except for funds placed by natural persons as individual entrepreneurs.
For individual entrepreneurs, a limit on payments for funds placed in one bank is set at an amount equivalent to one hundred thousand Belarusian rubles.
Reimbursement of deposits in foreign currency is made in the currency of the deposit or, at the depositor’s choice, in Belarusian rubles.
All banks of the Republic of Belarus licensed by the National Bank of the Republic of Belarus to attract public funds to deposits are registered with the Agency.
15 years under the reliable protection of the Agency (adc.by)
