A. Variable Definitions
V. Concluding Remarks
Deposit insurance, long a topic for narrow specialists, became a hot policy topic during the global financial crisis. Countries that could afford to do so broadened deposit insurance coverage and enlarged their financial safety net to restore confidence in their financial system. Only a few less fortunate countries broke their promises on insured deposits (as in the case of Iceland) or imposed substantial losses on uninsured depositors (as in the case of Cyprus).
This paper presents a comprehensive database of features of existing deposit insurance arrangements and government guarantees on bank assets and liabilities, together with a
preliminary analysis of the effectiveness of these arrangements during the global financial crises.
This analysis suggests that deposit insurance arrangements were largely effective in preventing large-scale depositor runs, but have never correctly priced risk. This underpricing of deposit insurance is at least as likely to encourage potentially ruinous risk taking by banks in the future as it has in the past. The expansion of the safety net during the crisis intensifies questions about the ability of countries to honor their obligations and about moral hazard going forward.
At the same time, the increasing reliance on short-term wholesale funding for banks and their links to securities, futures, and derivatives markets raise doubts about whether the government should also protect deposit-like instruments to prevent runs on wholesale funding to spill over to traditional banking markets. A generous safety net raises deep problems that must not be
ignored: concerns about moral hazard, distributional fairness, and ability to pay. These concerns are apt to be particularly pressing in countries whose financial systems are large relative to the size of their economy.
A gradual move to bail-in policies of uninsured depositors and debtholders would help ensure that governments are able to honor payments out of generous DIS, though contagion concerns, too big to fail considerations, and other political economy constraints may get in the way of efforts to bail in such creditors during a systemic crisis.
A more comprehensive analysis of these issues is needed and we hope that publishing this database will facilitate such research.
REFERENCES
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Basel Committee on Banking Supervision (BCBS) and International Association of Deposit Insurers (IADI), 2009, “Core Principles for Effective Deposit Insurance Systems,”
https://www.bis.org/publ/bcbs156.pdf
Blinder, A.S., and R.F. Wescott, 2001, “Reform of Deposit Insurance: A Report to the FDIC,”
FDIC and Princeton University. Mimeo.
http://www.fdic.gov/deposit/insurance/initiative/reform.html
Demirgüç-Kunt, A., and E. Detragiache, 2002, “Does Deposit Insurance Increase Banking System Stability? An Empirical Investigation,” Journal of Monetary Economics, Vol. 49, No. 7, pp. 1373-1406.
Demirgüç-Kunt, A., and H. Huizinga, 2004, “Market Discipline and Deposit Insurance,” Journal of Monetary Economics, Vol. 51, No. 2, pp.375-399.
Demirgüç-Kunt, A., B. Karacaovali, and L. Laeven, 2005, “Deposit Insurance around the World:
A Comprehensive Database,” Policy Research Working Paper No. 3628 (Washington, DC: World Bank).
Demirgüç-Kunt, A., E.J. Kane, and L. Laeven, 2008a, “Determinants of Deposit-Insurance Adoption and Design,” Journal of Financial Intermediation, Vol. 17, No. 3, pp. 407-438.
Demirgüç-Kunt, A., E.J. Kane, and L. Laeven (Eds.), 2008b, Deposit Insurance around the World: Issues of Design and Implementation (Cambridge, MA: MIT Press).
European Commission, 2004, Report on minimum guarantee level of Deposit Guarantee Schemes Directive 94/19/EC,
http://ec.europa.eu/internal_market/bank/docs/guarantee/report_en.pdf. Annex available from: http://ec.europa.eu/internal_market/bank/docs/guarantee/annexes_en.pdf
European Commission, 2010, Impact Assessment for Proposal on Deposit Guarantee Schemes, http://ec.europa.eu/internal_market/bank/docs/guarantee/20100712_ia_en.pdf. Annex II available from:
http://ec.europa.eu/internal_market/bank/docs/guarantee/jrc-annex2_en.pdf
European Commission, 2011, JRC Report under Article 12 of Directive 94/19/EEC,
http://ec.europa.eu/internal_market/bank/docs/guarantee/jrc-rep_en.pdf. Annex I and II
available from: annex1_en.pdf and http://ec.europa.eu/internal_market/bank/docs/guarantee/jrc-annex2_en.pdf.
European Federation of Deposit Insurance, 2006, Deposit Guarantee Systems: EFDI’s First Report,
http://efdi.eu/fileadmin/user/publications/EFDI%20publications/Deposit%20Guarantee%
20Systems%20EFDIs%20First%20Report%20%28Manuela%20De%20Cesare%202006
%29.pdf
Financial Stability Board, 2012, Thematic Review on Deposit Insurance Systems, http://www.financialstabilityboard.org/publications/r_120208.pdf
Financial Stability Board, 2010, Update on Unwinding Temporary Deposit Insurance Arrangements, http://www.financialstabilityboard.org/publications/r_1006.pdf
Garcia, G., 2000, Deposit Insurance: Actual and Good Practices, IMF Occasional Paper No. 197 (Washington, DC: International Monetary Fund).
International Association of Deposit Insurance, 2008, 2008 Annual Survey Results of Deposit Insurance, http://www.iadi.org/Research.aspx?id=58
International Association of Deposit Insurance, 2010, 2010 Annual Survey Results of Deposit Insurance, http://www.iadi.org/Research.aspx?id=58
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Kane, E.J., 1989, The S&L Insurance Mess: How Did it Happen? (Washington, DC: The Urban Institute Press).
Laeven, L., 2013, European Union: Publication of Financial Sector Assessment Program Documentation—Technical Note on Deposit Insurance, IMF Country Report No. 13/66 (Washington, DC: International Monetary Fund).
http://www.imf.org/external/pubs/ft/scr/2013/cr1366.pdf
Laeven, L., and F. Valencia, 2012, “Systemic Banking Crises Database: An Update,” IMF Working Paper no. 12/163 (Washington, DC: International Monetary Fund).
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Schich, S., 2009, “Expanded Guarantees for Banks: Benefits, Costs, and Exit Issues,” Financial Market Trends, OECD. http://www.oecd.org/finance/financial-markets/42779438.pdf Schich, S., and B.-H. Kim, 2011, Guarantee Arrangements for Financial Promises: How Widely
Should the Safety Net Be Cast? Financial Market Trends, OECD.
http://www.oecd.org/finance/financial-markets/48297609.pdf World Bank, 2003, Survey of Banking Supervision and Regulation,
http://siteresources.worldbank.org/INTRES/Resources/469232-1107449512766/Caprio_2003_banking_regulation_database.xls World Bank, 2011, Survey of Banking Supervision and Regulation,
http://siteresources.worldbank.org/EXTGLOBALFINREPORT/Resources/8816096-1346865433023/8827078-1347152290218/Bank_Regulation.xlsx
Figure 1. Explicit Deposit Insurance by Income Group, 2013
Figure 2. Explicit Deposit Insurance by Region, 2013
0%
Africa Asia-Pacific Europe Middle East and Central
Figure 3. Type of DI Scheme, 2013
Figure 4. Objective of the DI Scheme, 2013
0% powers, or loss or risk minimizer
paybox
Figure 5. Organization of the DI Scheme, 2013
Figure 6. Administration of the DI Scheme, 2013
0%
Figure 7. Funding of the DI Scheme, 2013
Figure 8. Coverage Increased During Crisis and Remains Above Pre-Crisis Levels
0%
Coverage limit / GDP per capita, 2003
Coverage limit / GDP per capita, 2010
Coverage limit / GDP per capita, 2013
Figure 9. Decline of Coinsurance, 2003−2013
Figure 10. Risk Adjustment of DI Premiums, 2013
0
High income Upper middle income
Figure 11. Government Support of DI Schemes, 2013
Figure 12. Increase in Depositor Protection, 2007−2013
% of countries with explicit DIS
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
High income Upper middle income
Lower middle income
Low income
no backstop from government backstop from government
0%
20%
40%
60%
80%
100%
Banking crisis between 2007 - 2013
No banking crisis between 2007 - 2013
Figure 13. Potential Deposit Liabilities and Ability to Pay by the DIS Fund, end-2010 1/
1/ Middle income includes lower and upper middle income countries. Insufficient data to report figures on low income countries.
Figure 14. Total Deposits and Ability to Pay by the Government, end-2010 1/
1/ Middle income includes lower and upper middle income countries. Insufficient data to report figures on low income countries.
0 0.5 1 1.5 2 2.5 3
High income Middle income
Size of DIS Fund / Covered Deposits (%)
0 50 100 150 200 250
High income Middle income
Total Deposits / GDP (%) Public Debt / GDP (%)
Figure 15. Size of DIS Fund Relative to Covered Deposits and Government Indebtedness
0 1 2 3 4 5 6 7
0 50 100 150 200 250
Size of Fund/Covered Deposits, %
Public Debt/GDP, %
Figure 16. Safety Net Index, 2013 1/
Notes: The safety net index is a principal components index of DI design and other safety net features that is increasing in the generosity of the safety net.
1/ Countries with safety net index (SNI) values between -1 and +1 are excluded from the chart.
-15 -10 -5 0 5 10
Argentina Iceland Ecuador Bahrain Bangladesh Nicaragua Libya Liechtenstein Gibraltar Lebanon Tanzania Oman Morocco Bahamas, The Japan Colombia Nepal El Salvador Sudan Philippines Norway Malaysia Brazil Uganda Chile United Kingdom Australia Indonesia Singapore Romania France Latvia Portugal Jordan Hungary Hong Kong Mongolia Kenya Belgium Belarus Thailand Slovak Republic Austria Germany Denmark Turkmenistan Ireland United States Uzbekistan
Table 1. Explicit Deposit Insurance Schemes Around the World, end-2013
As of 2013
Cameroon (2011) 7/ Angola Ghana Rwanda
Central African Rep. (2011) 7/ Benin Guinea São T omé and Príncipe
Chad (2011) 7/ Botswana Guinea-Bissau Senegal
Congo, Rep. (2011) 7/ Burkina Faso Lesotho Seychelles
Equatorial Guinea (2011) 7/ Burundi Liberia Sierra Leone
Gabon (2011) 7/ Cape Verde Madagascar Somalia
Kenya Comoros Malawi South Africa
Nigeria Congo, Democratic Rep. Mali Swaziland
T anzania Côte d'Ivoire Mauritius T ogo
Uganda Eritrea Mozambique Zambia
Zimbabwe Ethiopia Namibia
Gambia, T he Niger
Australia (2008) 1/ Korea, Rep. of Philippines Bhutan New Zealand 4/ T uvalu
Bangladesh Laos Singapore (2006) 1/ Cambodia Palau Vanuatu
Brunei Darussalam (2011) 1/ Malaysia (2005) /1 Sri Lanka (2012) 8/ China Papua New Guinea
Hong Kong (2004) 1/ Marshall Islands 2/ T hailand (2008) 1/ Fiji Samoa
India Micronesia 2/ Vietnam Kiribati Solomon Islands
Indonesia (2004) 1/ Mongolia (2013) 1/ Maldives T imor-Leste
Japan Nepal (2010) 1/ Myanmar 3/ T onga
Albania Greece Norway Israel
Austria Hungary Poland San Marino
Belarus Iceland Portugal
Belgium Ireland Romania
Bosnia & Herzegovina Italy Russian Federation
Bulgaria Kosovo (2012) 1/ Serbia
Afghanistan (2009) Kazakhstan Oman Djibouti Pakistan
Algeria Kyrgyz Republic (2008) 1/ Sudan Egypt Qatar
Armenia (2005) 1/ Lebanon T ajikistan (2004) 1/ Georgia Saudi Arabia
Azerbaijan (2007) 1/ Libya (2010) T urkmenistan Iran Syrian Arab Republic
Bahrain Mauritania (2008) 1/ 10/ Uzbekistan Iraq T unisia
Jordan Morocco Yemen (2008) 1/ Kuwait United Arab Emirates
Argentina Ecuador Paraguay Antigua and Barbuda Guyana
Bahamas, T he El Salvador Peru Belize Haiti
Barbados (2007) 1/ Guatemala T rinidad and T obago Bolivia 5/ Panama
Brazil Honduras United States Costa Rica St. Kitts and Nevis
Canada Jamaica Uruguay Dominica St. Lucia
Chile Mexico Venezuela Dominican Republic 6/ St. Vincent and the Grenadines
Colombia Nicaragua Grenada Suriname
Western Hemisphere Africa
Countries with Explicit Deposit Insurance Schemes Countries Without Explicit Deposit Insurance Schemes
Europe Asia-Pacific 9/
Middle East and Central Asia
Notes:
1/ Explicit deposit insurance scheme introduced since previous release of the deposit insurance database in 2004.
2/ Covered by the deposit insurance scheme of the United States (FDIC).
3/ Insurance product tailored to small retail depositors provided to private banks by a state-run insurance company. Several large banks, including Kanbawza and Co-operative Bank, have participated as of 2011.
4/ New Zealand introduced an opt-in retail deposit guarantee scheme in October 2008 and closed it in December 2010. Deposits held in New Zealand branches of Australian branches were covered under the Australian deposit insurance scheme from 2008 - 2010, but current legislation will limit coverage to Australian dollar-denominated deposits only.
5/ Bolivia has a bank resolution fund with funding provided by member banks, but no explicit deposit insurance.
6/ The Dominican Republic has no deposit insurance for commercial banks, but there is a scheme (established in 1962) insuring the savings and term deposits in savings and loan associations. In the past, the Central Bank has guaranteed deposits at Bancomercio (1996) and Baninter (2003) when these large banks failed.
7/ In 2009, Cameroon, Central African Rep., Chad, Congo (Rep), Equatorial Guinea, and Gabon, which share a regional central bank, established the Fonds de Garantie des Depots en Afrique Centrale (FOGADAC), a regional deposit insurance scheme that became operational in 2011.
8/ The Sri Lanka Deposit Insurance Scheme (SLDIS) became effective on January 1, 2012, although member banks and finance companies participating in this scheme already started contributing on a mandatory basis starting on October 1, 2010.
9/ Taiwan (ROC) has deposit insurance but is not an IMF member.
10/ A deposit guarantee fund (Fonds de Garantie des Dépôts) exists on the basis of the deposit guarantee law of 2008 but has not become operational yet as of end-2013.
Sources: World Bank Survey, IADI, Laeven and Valencia (2012), FSB (2010, 2012), IMF staff reports, and national deposit insurance agencies.
Table 2. Coverage of Explicit Deposit Insurance Schemes Around the World, end-2013
Country
2003 2010 2013 2003 2010 2013 2003 2010 2013 2003 2010 2013
Afghanistan n.a, AF100,000 AF100,000 n.a. 2222 1767 n.a. 2222 1767 n.a. 412 260
Albania
100% of first LEK350,000; 85% of next LEK411,765 (up to maximum of
LEK700,000)
LEK2,500,000 LEK2,500,000 5796 24032 24498 5796 24032 24498 319 586 531
Algeria DIN600,000 DIN600,000 DIN600,000 7752 8066 7678 7752 8066 7678 364 180 141
Argentina ARG30,000 ARG120,000 ARG120,000 10345 30769 18209 10345 30769 18209 303 336 155
Armenia n.a. AM D4,000,000 AM D4,000,000 n.a. 10705 9877 n.a. 10705 9877 n.a. 377 308
Australia n.a. AUD1,000,000 AUD250,000 n.a. 917431 221625 n.a. UNLIM ITED 1/ 221625 n.a. 1628 342
Austria EUR20,000 7/ EUR100,000 EUR100,000 22727 133333 137830 22727 133333 137830 73 296 282
Azerbaijan, Rep. of n.a. AZN30,000 AZN30,000 n.a. 37500 38217 n.a. 37500 38217 n.a. 638 484
Bahamas, The BAH50,000 BAH50,000 BAH50,000 50000 50000 50000 50000 50000 50000 223 218 213
Bahrain 75% of first BHD20,000 (up to maximum of BHD15,000)
75% of first BHD20,000 (up to maximum of BHD15,000)
75% of first BHD20,000 (up to maximum
of BHD15,000) 39474 39474 39894 39474 39474 39894 262 170 145
Bangladesh TAK60,000 TAK100,000 TAK100,000 1032 1425 1287 1032 1425 1287 271 203 142
Barbados n.a. USD12,500 USD12,500 n.a. 12500 12500 n.a. 12500 12500 n.a. 78 81
Belarus USD1,000 EUR5,000 EUR5,000 1000 6667 6892 1000 UNLIM ITED 8/ UNLIM ITED 55 115 91
Belgium EUR20,000 EUR100,000 EUR100,000 22727 133333 137830 22727 133333 137830 76 306 304
Bosnia-Herzegovina BAM 5,000 BAM 35,000 BAM 35,000 2890 23649 24700 2890 23649 24700 131 547 537
Brazil BRR20,000 BRR70,000 BRR250,000 6536 39773 106211 6536 39773 106211 215 359 939
Brunei Darussalam n.a. BND50,000 BND50,000 n.a. 36765 39392 n.a. 36765 39392 n.a. 115 99
Bulgaria BGN15,000 BGN196,000 BGN196,000 8671 132432 137063 8671 132432 137063 328 2078 1870
Cameroon n.a. n.a. XAF5,000,000 n.a. n.a. 10480 n.a. n.a. 10480 n.a. n.a. 1031
Canada CAD60,000 CAD100,000 CAD100,000 42857 97087 93985 42857 97087 93985 157 8799 7394
Central African Rep. n.a. n.a. XAF5,000,000 n.a. n.a. 10480 n.a. n.a. 10480 n.a. n.a. 3142
Chad n.a. n.a. XAF5,000,000 n.a. n.a. 10480 n.a. n.a. 10480 n.a. n.a. 860
Chile 90% of first UDF120 (up to maximum of UDF108) 12/
90% of first UDF120 (up to maximum of UDF108) 12/
90% of first UDF120 (up to maximum of
UDF108) 12/ 2643 4542 4710 2643 4542 4710 54 36 30
Colombia 75% of first COP26,666,667 (up to
maximum of COP20,000,000) COP20,000,000 COP20,000,000 6954 10584 10403 6954 10584 10403 306 168 128
Congo, Rep. n.a. n.a. XAF5,000,000 n.a. n.a. 10480 n.a. n.a. 10480 n.a. n.a. 318
Croatia HKN100,000 HKN400,000 EUR100,000 14/ 14925 72727 137830 14925 72727 137830 194 530 1016
Cyprus 90% of first EUR22,222 (up to
maximum of EUR20,000) EUR100,000 EUR100,000 22727 133333 137830 22727 133333 137830 123 485 557
Czech Republic 90% of first EUR27,778 (up to
maximum of EUR25,000) EUR100,000 EUR100,000 28409 133333 137830 28409 133333 137830 304 703 731
Denmark DKK300,000 EUR100,000 EUR100,000 45524 133333 137830 45524 133333 137830 115 236 233
Ecuador USD7,416 USD27,000 USD31,000 7416 27000 31000 7416 27000 31000 339 583 519
El Salvador USD6,700 USD9,000 USD9,800 6700 9000 9800 6700 9000 9800 268 261 253
Equatorial Guinea n.a. n.a. XAF5,000,000 n.a. n.a. 10480 n.a. n.a. 10480 n.a. n.a. 51
Estonia EKK100,000 EUR100,000 EUR100,000 7263 133333 137830 7263 133333 137830 100 936 724
Finland EUR25,000 EUR100,000 EUR100,000 28409 133333 137830 28409 133333 137830 90 302 292
France EUR70,000 EUR100,000 EUR100,000 79545 133333 137830 79545 133333 137830 276 326 321
Gabon n.a. n.a. XAF5,000,000 n.a. n.a. 10480 n.a. n.a. 10480 n.a. n.a. 85
Germany 90% of first EUR22,222 (up to
maximum of EUR20,000) EUR100,000 EUR100,000 22727 133333 137830 22727 133333 137830 77 329 306
Gibraltar EUR50,000 EUR100,000 EUR100,000 56818 133333 137830 56818 133333 137830 181 254 203
Greece EUR20,000 EUR100,000 EUR100,000 22727 133333 137830 22727 133333 137830 130 506 631
Guatemala GTQ20,000 GTQ20,000 GTQ20,000 2519 2481 2549 2519 2481 2549 139 86 73
Honduras USD9,632.92 16/ USD9,632.92 USD9,632.92 9633 9633 9633 9633 9633 9633 784 467 415
Hong Kong n.a. HKD500000 HKD500000 n.a. 64350 64516 n.a. UNLIM ITED 2/ 64516 n.a. 198 171
Hungary 90% of first HUF3,333,333 (up to
maximum of HUF3,000,000) EUR100,000 EUR100,000 13374 133333 137830 13374 133333 137830 162 1047 1028
Iceland ISK2,091,000 ISK3,425,000 EUR20,887 27259 28019 28789 27259 28019 28789 72 71 63
India INR100,000 INR100000 INR100000 2147 2172 1613 2147 2172 1613 384 152 107
Indonesia n.a. IDR2000000000 IDR2000000000 n.a. 220072 162999 UNLIM ITED 3/ 220072 162999 n.a. 7373 4644
Ireland 90% of first EUR22,222 (up to
maximum of EUR20,000) EUR100,000 EUR100,000 22727 133333 137830 22727 133333 137830 57 289 302
Italy EUR103,291 EUR100,000 EUR100,000 117376 133333 137830 117376 133333 137830 446 383 397
Jamaica JM D300,000 JM D600,000 JM D600,000 5196 6892 5661 5196 6892 5661 145 143 110
Japan JPY10,000,000 JPY10,000,000 JPY10,000,000 86259 113921 94967 86259 113921 94967 256 265 247
Jordan JOD10,000 JOD10,000 JOD50,000 14085 14085 70641 14085 UNLIM ITED 10/ 70641 713 326 1365
Kazakhstan KZT400,000 KZT5,000,000 KZT5,000,000 2676 33931 32550 2676 33931 32550 129 377 253
Kenya KES100,000 KES100,000 KES100,000 1317 1258 1157 1317 1258 1157 299 160 114
Korea, Rep. KRW50,000,000 KRW50,000,000 KRW50,000,000 41960 43250 47366 41960 43250 47366 312 211 195
Kosovo n.a. n.a. EUR3,000 n.a. n.a. 4135 n.a. n.a. 4135 n.a. n.a. 116
Kyrgyz Republic n.a. KGS100,000 KGS100,000 n.a. 2175 2031 n.a. 2175 2031 n.a. 249 159
Lao PDR KIP15,000,000 KIP20,000,000 KIP20,000,000 1426 2384 2498 1426 2384 2498 393 222 169
Latvia EUR4,600 EUR100,000 EUR100,000 5227 133333 137830 5227 133333 137830 109 1173 906
Lebanon LBP5,000,000 LBP5,000,000 LBP5,000,000 3317 3317 3320 3317 3317 3320 65 38 33
Coverage limit / GDP per capita (in %)
Reported Currency US Dollars
S tatutory limit Coverage including government guarantees (US $)
Table 2. Coverage of Explicit Deposit Insurance Schemes Around the World, end-2013 (continued)
Notes: Coverage is all member countries with explicit deposit insurance schemes. Mauritania, Turkmenistan, and Uzbekistan are not included because of missing data. Marshall Islands and Micronesia are covered by the United States.
Country
2003 2010 2013 2003 2010 2013 2003 2010 2013 2003 2010 2013
Libya n.a.
100% of first LYD10,000, 50% for next LYD90,000, 25% of next LYD300,000, 12.5% of next LYD600,000, and 10% for amounts above LYD1,000,000, up to a
maximum of LYD250,000
100% of first LYD10,000, 50% for next LYD90,000, 25% of next LYD300,000, 12.5% of next LYD600,000, and 10% for amounts above LYD1,000,000, up to a
maximum of LYD250,000
n.a. 197316 201873 n.a. 197316 201873 n.a. 1597 1828
Liechtenstein EUR20,000 CHF100000 CHF100000 22727 96154 112170 22727 96154 112170 25 71 83
Lithuania 100% of first LTL10,000; 90% of next LTL38,889
EUR100,000 EUR100,000 14706 133333 137830 14706 133333 137830 273 1125 861
Luxembourg 90% of first EUR22,222 (up to
maximum of EUR20,000) EUR100,000 EUR100,000 22727 133333 137830 22727 133333 137830 35 130 125
M acedonia, FYR 100% of first EUR10,000; 90% of
next EUR11,111 EUR30,000 EUR30,000 22727 40000 41349 22727 40000 41349 969 879 836
M alaysia n.a. M YR250,000 M YR250,000 n.a. 77640 75896 UNLIM ITED 4/ 77640 75896 n.a. 897 720
M alta 90% of first EUR22,222 (up to
maximum of EUR20,000) EUR100,000 EUR100,000 22727 133333 137830 22727 133333 137830 177 645 603
M arshall Islands USD100,000 USD250,000 USD250,000 100000 250000 250000 100000 250000 13/ 250000 4107 8114 7731
M exico 10,000,000 UDI 18/ 10,000,000 UDI 18/ 400,000 UDI 18/ 2984865 146515 154876 2984865 146515 154876 1988 1594 1457
M icronesia USD100,000 USD250,000 USD250,000 100000 250000 250000 100000 250000 13/ 250000 4359 8734 7776
M oldova n.a. M DL6000 M DL6,000 n.a. 485 460 n.a. 485 460 n.a. 30 21
M ongolia n.a. M NT20,000,000 M NT20,000,000 n.a. 14841 12202 n.a. UNLIM ITED 15/ 12202 n.a. 660 307
M ontenegro n.a. EUR20,000 EUR50,000 n.a. 26667 68915 n.a. 26667 68915 n.a. 401 981
M orocco M AD50,000 M AD80,000 M AD80,000 5225 9501 9790 5225 9501 9790 316 333 306
Nepal n.a. NPR200,000 NPR200,000 n.a. 2683 2021 n.a. 2683 2021 n.a. 450 292
Netherlands EUR20,000 EUR100,000 EUR100,000 22727 133333 137830 22727 133333 137830 69 285 289
Nicaragua USD10,000 USD10,000 USD10,000 10000 10000 10000 10000 10000 10000 994 690 544
Nigeria NGN50,000 NGN500,000 NGN500,000 387 3328 3118 387 3328 3118 76 224 184
Norway NOK2,000,000 NOK2,000,000 NOK2,000,000 282486 331126 327172 282486 331126 327172 573 386 326
Oman 75% of first OM R26,667 (up to
maximum of 20,000) OM R20,000 OM R20,000 52632 52632 52016 52632 52632 52016 571 225 206
Paraguay PYG72,930,975 19/ PYG113,061,300 19/ PYG124,367,400 19/ 25000 27000 27034 25000 27000 27034 2556 842 648
Peru PNS68,474 PNS85,793 PNS92,625 20/ 19676 30316 33151 19676 30316 33151 863 582 497
Philippines PHP100,000 PHP500,000 PHP500,000 1845 11084 11258 1845 11084 11258 181 514 403
Poland
100% of first EUR1,000; 90% of next EUR23,889 (up to maximum of
EUR22,500)
EUR100,000 EUR100,000 25568 133333 137830 25568 133333 137830 451 1083 1029
Portugal EUR25,000 EUR100,000 EUR100,000 28409 133333 137830 28409 133333 137830 183 618 665
Romania EUR3,400 EUR100,000 EUR100,000 3864 133333 137830 3864 133333 137830 141 1735 1547
Russian Federation RUB100,000 RUB700,000 RUB700,000 3257 23049 21388 3257 23049 21388 109 216 144
Serbia EUR3,000 EUR50,000 EUR50,000 3409 66667 68915 3409 66667 68915 130 1325 1167
Singapore n.a. SGD20,000 SGD50,000 n.a. 14706 39392 n.a. UNLIM ITED 5/ 39392 n.a. 32 72
Slovak Republic 90% of first EUR22,222 (up to
maximum of EUR20,000) EUR100,000 EUR100,000 22727 133333 137830 22727 UNLIM ITED 9/ 137830 267 827 778
Slovenia EUR18,500 EUR100,000 EUR100,000 21023 133333 137830 21023 133333 137830 144 580 606
Spain EUR20,000 EUR100,000 EUR100,000 22727 133333 137830 22727 133333 137830 108 447 473
Sri Lanka n.a. n.a. RS200,000 n.a. n.a. 1528 n.a. n.a. 1528 n.a. n.a. 48
Sudan SDG1,500 SDG10,000 SDG10,000 575 4202 7921 575 4202 7921 119 257 388
Sweden SKK250,000 EUR100,000 EUR100,000 30902 133333 137830 30902 133333 137830 88 271 238
Switzerland CHF30,000 CHF100,000 CHF100,000 22222 96154 112170 22222 96154 112170 49 136 138
Tajikistan n.a. TJS7,000 TJS7,000 n.a. 1598 1446 n.a. 1598 1446 n.a. 216 138
Tanzania TZS250,000 TZS1,500,000 TZS1,500,000 241 1122 944 241 1122 944 74 210 134
Thailand n.a. UNLIM ITED 6/ THB50,000,000 n.a. UNLIM ITED 6/ 1523322 UNLIM ITED 6/ UNLIM ITED 6/ 1523322 n.a. UNLIM ITED 6/ 26846
Trinidad & Tobago TTD50,000 TTD75,000 TTD125,000 7937 11774 19393 7937 11774 19393 92 76 94
Turkey TRY50,000 TRY50,000 TRY100,000 33333 33333 46473 33333 33333 46473 730 333 430
Turkmenistan UNLIM ITED UNLIM ITED UNLIM ITED UNLIM ITED UNLIM ITED UNLIM ITED UNLIM ITED UNLIM ITED UNLIM ITED UNLIM ITED UNLIM ITED UNLIM ITED
Uganda UGX3,000,000 UGX3,000,000 UGX3,000,000 1593 1478 1188 1593 1478 1188 670 288 190
Ukraine UAH1,500 UAH150,000 UAH200,000 281 18892 24242 281 18892 24242 27 634 619
United Kingdom
100% of first GBP2,000; 90% of next GBP33,000 (up to maximum of
GBP31,700)
GBP85,000 GBP85,000 51967 130769 139978 51967 130769 139978 167 354 354
United States USD100,000 USD250,000 USD250,000 100000 250000 250000 100000 250000 13/ 250000 262 518 471
Uruguay USD27,000 USD31,612 UYU685,525 21/ 27000 31612 32050 27000 31612 32050 740 273 193
Uzbekistan UZS1,360,000 17/ UNLIM ITED 11/ UNLIM ITED 11/ 1389 UNLIM ITED 11/UNLIM ITED 11/ 1389 UNLIM ITED 11/ UNLIM ITED 11/ 354 UNLIM ITED 11/ UNLIM ITED 11/
Venezuela, RB BSF10,000 BSF30,000 BSF30,000 6211 8696 4774 6211 8696 4774 191 84 38
Vietnam VND30,000,000 VND50,000,000 VND50,000,000 1935 2614 2369 1935 2614 2369 394 202 125
Yemen, Rep. n.a. YER2,000,000 YER2,000,000 n.a. 9109 9298 n.a. 9109 9298 n.a. 716 633
Zimbabwe USD3,640 USD150 USD500 3640 150 500 3640 150 500 802 20 51
Coverage limit / GDP per capita (in %)
Reported Currency US Dollars
S tatutory limit Coverage including government guarantees (US $)
1/ On October 12, 2008, Australia announced an unlimited guarantee scheme for deposits in excess of A$1 million, the Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding (the Guarantee Scheme). The Guarantee Scheme was to remain in place for a period of three years, and was voluntary and subject to a fee (for deposits exceeding A$ 1 million per person and bank). The Scheme formally commenced on 28 November 2008, and closed for new liabilities at the end of March 2010. Large deposits and wholesale liabilities guaranteed under the Scheme as at 31 March 2010 remained guaranteed, for a fee, for the relevant term. Separate deposit insurance arrangements continued to apply for deposit balances totaling up to and including A$1 million per customer per institution, and were lowered to A$250,000 from 1 February 2012 onwards. Such deposits are guaranteed without charge.
2/ Blanket guarantee introduced in 2008 expired at the end of 2010.
3/ Indonesia introduced explicit deposit insurance in 2004. The 2003 coverage limit refers to blanket guarantee in place.
4/ Malaysia introduced explicit deposit insurance in 2005. The 2003 coverage limit refers to blanket guarantee in place.
5/ Singapore announced on October 16, 2008 a blanket guarantee on deposits of individuals and non-bank customers of banks licensed in Singapore. The guarantee expired on December 31, 2010.
6/ An explicit guarantee system was introduced in August 2008 with the formation of the Deposit Protection Agency, replacing a blanket guarantee. The blanket guarantee is being gradually phased out with a limit of Baht 50 mln from Aug 11, 2012 - 10 Aug 10, 2015; Baht 25 million from Aug 11, 2015 - Aug 10, 2016; and Baht 1 mln for the period Aug 11, 2016 - onwards.
7/ 10% coinsurance for non-private persons.
8/ State-owned banks Belarusbank and Belagroprombank benefit from a full government guarantee on all their deposits, and do not make contributions to the Guarantee Fund. By Presidential decree of November 4, 2008. Belarus subsequently extended a full guarantee on all household deposits in all banks.
9/ On October 8, 2008, the Slovak government announced a blanket guarantee on deposits, which became effective as of November 1, 2009. Blanket guarantee expired at the end of 2010.
10/ Jordanian government issued a blanket guarantee on deposits in 2008, which expired end-2010.
11/ The President of the Republic of Uzbekistan issued a decree announcing a blanket guarantee on deposits on November 28, 2008. Blanket guarantee officially in place since October 12, 2009.
Guarantee replaced statutory limit of 250 times the minimum wage. Guarantee still in place.
12/ Coverage limit in Chile refers to coverage of time deposits. Demand deposits are covered in full. Maximum coverage is equivalent to a maximum of 1,827,360 pesos in 2003, 2,317,199 pesos in 2010, and 2,466,801 pesos in 2013.
13/ Full guarantee for noninterest-bearing transaction accounts until December 31, 2012.
14/ Deposit insurance coverage increased from HKN400,000 to EUR100,000 on July 1, 2013 when Croatia joined the EU.
15/ Blanket guarantee on deposits in Mongolia expired on November 2012.
16/ A blanket guarantee on deposits was in place in Honduras from 1999 until September 2003. It was reduced to 50% coverage for October-November 2003 and increased back to 100% for
16/ A blanket guarantee on deposits was in place in Honduras from 1999 until September 2003. It was reduced to 50% coverage for October-November 2003 and increased back to 100% for