Functions, Duties & Authorities
Functions of IDIC
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To insure depositor’s fund.
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To actively participate in promoting stability for the country’s financial system in accordance with its authorized mandate.
Duties of IDIC
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To formulate and determine implementation of policies on deposit insurance.
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To implement the deposit insurance program.
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To formulate and issue policies so as to actively participate in ensuring the financial system’s stability.
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To formulate, determine, and implement the resolution policy for Failing Banks that do not pose as a systemic threat.
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To perform the handling of Failing Bank that pose as systemic threats.
Authorities of IDIC
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To determine and collect insurance premiums.
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To determine and collect initial contributions from banks’ upon becoming members of IDIC.
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To manage IDIC’s assets and liabilities.
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To obtain data on customers’ deposits, the bank’s soundness report, bank’s financial statement, and report on examination of the bank provided that it does not violate the bank’s secrecy.
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To perform data reconciliation, verification, and/or confirmation on data as stipulated in point 4.
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To determine the terms and conditions, procedures, and requirements on claim payments.
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To appoint, delegate, and/or assign other parties to act in the interest and/or on behalf of the IDIC, in order to perform specific tasks.
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To carry out public awareness programs on deposit insurance to the banks and the general public..
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To implement administrative sanctions.