Depositor Protection Fund moves to bolster account holders' trust

Depositor Protection Fund moves to bolster account holders' trust

The Depositor Protection Fund (DPF) will improve its policies to better protect its employees and people who deposit money in banks throughout the country, the Fund has announced.

DPF Director Mr Santi Phonmeuanglao told a meeting in Vientiane last week that many policy improvements were carried out more than a year ago, especially changes in the way the Fund is managed.

“In 2013, DPF had exceeded its funding target by 3.4 percent compared to 2012. The Fund's value further increased by 38.4 percent,” he said.

DPF has 30 banks in its membership; three are state enterprises, two are joint venture banks, eight are private banks, and 17 are Lao branches of foreign banks.

Membership of DPF is aimed at making customers feel more secure and confident about depositing their money in these banks.

Mr Santi said the improvements to various policies, regulations and management would protect all those depositing money in ban ks and financial institutions.

The meeting was chaired by DPF Management Board's Chairman, Mr Chanthanome Phitthasone. DPF board members, directors and other senior officials were present at the annual meeting.

vientiane times