The draft amendment draft was developed with the relevant authority to approve the Law on Central Bank, the Banking Law, the Bank's Deposit Insurance Law
, the Sustainability of the Banking Sector, the National Payment System, and the Combating Money Laundering Financing Law, and approved by the State Great Hural."
Entity-level banking and banking agency laws have already been passed, and delay in passage of the new deposit insurance law
affects the modernization of the country's banking sector legislation,' Mr.
Important legal reforms including the Banking law and Bank of Mongolia law have been passed, a new deposit insurance law
is expected shortly, and improvements to the regulatory and supervisory framework are under way.
The amendments to the deposit insurance law
will ultimately redound to the benefit of the depositing public.
Fitch believes Japan's Deposit Insurance Law
(DIL) provides the legislative framework to enable the resolution authority to bail-in senior debt (convert to equity or write-off the notes) and Specified Measure 2 (SM2) set forth in Article 126-2 of the DIL to be the mechanism by which an "orderly resolution" can be achieved.
Germany has introduced a new deposit insurance law
that is expected to strengthen its bank deposit insurance system.
The bill also modified the deposit insurance law
to allow the Deposit Insurance Corporation of Japan to invest public funds in securities and insurance companies to help prevent financial crises.
The bill revising the deposit insurance law
creates a fund to support the restructuring of savings banks, which have been under pressure due to their exposure to the rocky real estate sector.
As the bank is part of Russia's deposit insurance system, its depositors will be recouped under the deposit insurance law
Currently, an injection of public funds into a single bank is allowed only when there are fears of a financial system crisis, according to Section 102 of the Deposit Insurance Law
An FDIC spokesman said, "The bank should have let these people know (when they took out the mortgage) that this was subject to the deposit insurance law
. There's nothing we can do about it.
Entity level banking and banking agency laws have already been passed, and delay in passage of the new deposit insurance law
affects the modernization of the countrys banking sector legislation.