Special reserves for deposit insurance payouts are to exceed NT$100 billion (US$3.256 billion) next year for the first time, Central Deposit Insurance Corp (CDIC, 中央存款保險) general manager William Su (蘇財源) said yesterday at a ceremony to mark his appointment to the post.
The nation’s stable financial market contributed to the continued increase in CDIC’s deposit insurance, from which the special reserves are derived, Su said.
The reserves are mainly income from premiums, with basic administrative expenses deducted, CDIC said, adding that they have been rising steadily in recent years.
The reserves started with only NT$17 million 74 years ago, but have increased from NT$27 billion to NT$87.4 billion over the past five years, with the total number of insured institutions reaching 400, CDIC chairman Michael Lin (林銘寬) said.
Among the 400 institutions, 74 rated as relatively low risk are subject to the minimum insurance rates, Lin said.
This year, CDIC has three major tasks, Su said.
The first is to assist insured institutions amid rising risks in the financial markets due to quantitative easing being ended by central banks in some nations, and the trade war between the US and China, he said.
The second is to build the special reserves and revise rate strategies before the International Association of Deposit Insurers releases its annual rates report at the end of next year, he said.
The third is to cooperate with other nations and sign more memorandums of understanding, Su said.
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