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SBP Deposit Protection Corporation becomes a member of IADI

Our Special Correspondent
LAHORE: The Secretariat of International Association of Deposit
Insurers (IADI) announced on February 11, 2019 that its Executive
Council has decided to admit Deposit Protection Corporation (DPC),
State Bank of Pakistan as IADI Member.

DPC is 84th member of the global body of deposit insurers whose
objective is to contribute to the enhancement of deposit insurance
effectiveness and safety by promoting guidance and international
cooperation.

Established in 2002, IADI is a non-profit organization under the
auspices of Bank for International Settlements (BIS). IADI is a forum
for deposit insurers from around the world to gather and share
knowledge and expertise. It provides training and educational programs
and produces research and guidance on matters related to deposit
insurance (also known as deposit protection). IADI actively
collaborates with international organizations that contribute to
financial stability. The cooperation with these organizations helps to
strengthen deposit insurance system.

As a membership of IADI, DPC would benefit through institutional
capacity building and greater interaction with international deposit
insurers to learn from their experiences. This will also complement
the strategic goal of “strengthening the financial system stability
regime” – one of the objectives of State Bank of Pakistan’s (SBP)
Strategic Plan 2016-20.

DPC has been established as a wholly owned subsidiary of SBP (under
the Deposit Protection Corporation Act, 2016), with the objective of
compensating the small and financially unsophisticated depositors to
the extent of protected deposits.

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