Reconciliation and Verification of the Insured Deposits

1.
Once a bank's license is revoked by the Bank Supervisory Institution, IDIC will immediately conduct a reconciliation and verification process of the depositors' data on the basis of the bank's data as of the date of the license's revocation to determine:
a. Deposits eligible for payment.
b. Deposits not eligible for payment.
2.
IDIC may appoint, authorize, and/or assign another party to conduct the reconciliation and verification in the interest of/or on behalf of IDIC.
3.
The reconciliation and verification process is conducted through stages that are based on the ease of verification.
4.
Determining which deposits are eligible for payment is made on the basis of the results of the reconciliation and verification which is completed no later than 90 (ninety) working days upon the revocation of the bank's license.
5.
The employees, directors, commissioners, and shareholders of the of bank whose license is revoked are obligated to assist IDIC in providing all required data and information throughout the reconciliation and verification process which includes:
a.
List of deposits recorded within the bank;
b.
List of deposits that have payment obligations which are either due and/ or in default;
c
List of obligations owed by debtors to the bank, including debts that have already been written off;
d.
The bank's Internal Standard Operating Procedure (SOP) that are related to deposits;
e.
The composition of the bank's directors, commissioners, and shareholders;
f.
Balance sheet and its breakdown; and
g.
Other data and supporting documents required by IDIC.
6.
The reconciliation and verification that is carried out by IDIC or any other appointed party is based on data of depositors and other information obtained from the bank in which whose license is revoked.
7.
The reconciliation and verification process may, if IDIC deems it necessary, be implemented made on the basis of data and information obtained by other party.

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