Reconciliation and Verification of the Insured Deposits
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:
IDIC may appoint, authorize, and/or assign another party to conduct the reconciliation and verification in the interest of/or on behalf of IDIC.
The reconciliation and verification process is conducted through stages that are based on the ease of verification.
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.
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:
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.
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.