Laos, Japan to partner in deposit insurance
Laos, Japan to partner in deposit insurance
Lao and Japanese depositor protection and insurance operators plan to promote international cooperation in the field of deposit insurance to boost the stability of their financial systems.
The Bank of the Lao PDR's Depositor Protection Fund (DPF) on October 10 signed an Exchange of Letters with the Deposit Insurance Corporation of Japan (DICJ) in Vientiane.
The Exchange of Letters was signed by DPF Director General, Mr Santy Phonmeuanglao, and DICJ Deputy Governor, Mr Hiroyuki Obata.
The two parties aim to provide technical assistan ce for establishing new, and enhancing existing deposit insurance systems in the region, according to a handout provided yesterd ay.
The DPF intends to cooperate with the DICJ, which is expected to assist in collecting technical information and updating major developments with a view to effectively fulfilling each organisation's missions.
In doing so, the two parties remain aware that the cooperation is to be conducted on a mutual basis, within the capability and competence of each organisation and the limitations of the relevant laws and regulations.
The cooperation will include exchanges of information, including annual reports and other official material, prompt response to technical inquiries and effective support for the exchange of experts and staff.
The cooperation will also involve periodic bilateral meetings between the two organisations, which may take advantage of international conferences and meetings.
On the same day the two organisations held a seminar to provide an overview of deposit insurance both in Laos and Japan, and the legal framework on deposit insurance and financial resolution in Japan.
The Exchange of Letters provides a platform to further enhance the cooperative relationship between the DPF and DICJ, who believe the maintenance and enhancement of this close bilateral relationship will be of great benefit for each economy and financial system.
vientiane times
