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DPF officials evaluate progress
The administrative council of the Depositor Protection Fund (DPF) met in Vientiane yesterday to evaluate their work to date and establish an action plan for the future.
Council President Mr Chan thanom Phitthasone, DPF Vice President Mr Santhi Phonmeuanglao and DPF officials attended the meeting.
The DPF is comprised of 24 member banks and held assets of more than 44 billion kip in the first six months of the year, an increase of more than 19 billion kip compared to the same period last year, according to a report the fund .
The DPF's assets are expected to reach more than 59 billion kip by the end of the year.
Over the next six months the fund will encourage the Credit Cooperative Society - controlled by the Bank of the Lao PDR - to become a member, implement a modern system to send information between the fund and customers, set up a DPF website, change the organisation's name to Lao deposit insurance, adopt a logo, improve the fund's regulatory framework and build a new office.
The DPF is a state-owned enterprise that insures deposits and provides financial compensation, instead of the member bank, in the amount determined by the DPF in the event of the failure of member banks or as directed by the Bank of the Lao PDR.
The DPF's responsibilities include collecting contributions from members, insuring eligible deposits in local currency, repaying deposits, conducting diligent monitoring and examination of member banks and undertaking prompt, decisive and prudent interventions when necessary.
The fund is also responsible for determining the rules and regulations that govern depositor's eligibility for compensation.
vientiane times
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