The deposit insurance system conforms to China's national conditions.
The deposit insurance system that has been brewing for many years is finally approaching. 165438+1On October 30th, the State Council issued the Deposit Insurance Regulations (Draft for Comment) drafted by the People's Bank of China, which outlined the general outline of China's deposit insurance system. The core contents are as follows.
The first is the scope of participating institutions. The Opinion Draft requires that financial institutions engaged in deposit-taking business established in China include commercial banks, rural cooperative banks and rural credit cooperatives. , all need to join deposit insurance.
Secondly, limited insurance, which is also the mainstream mode of international practice. Limited is reflected in two aspects. First of all, it only provides protection for certain types of deposit accounts. In the opinion draft, financial interbank deposits and other specific deposits are not covered by insurance; Second, only accounts below the quota are fully guaranteed, and payments above the quota mainly come from property liquidation. At present, the reimbursement limit stipulated in the opinion draft is 500,000 RMB.
The third is the organizational form of the deposit insurance system. At present, the deposit insurance fund is easier and simpler to operate, and the independent legal person model is unusual.
The fourth is the determination of insurance rates. According to the opinion draft, deposit and premium rates are composed of benchmark rates and risk differential rates. According to international practice, the risk differential rate will vary according to the operating conditions and risks of insurance institutions. Although the specific rate is not listed in the opinion draft, it is estimated that it will not exceed 5/10000 from the description in the annex Question and Answer of Deposit Insurance Experts that "after the establishment of the deposit insurance system, only a small part of the premium will be charged to financial institutions, and the rate level is far lower than the initial level and current level of the deposit insurance system in most countries".
On the whole, the opinion draft comprehensively refers to the practical experience of various countries, which is a relatively compromise plan and conforms to the national conditions of China. As a major reform involving the basic risk system, the establishment of explicit deposit insurance system will have a far-reaching impact on China's financial industry, which can be summarized as follows:
First, promote the visibility of financial risks and create conditions for further promoting the marketization of interest rates. Compared with the long-standing implicit guarantee, the most important significance of explicit deposit insurance system is not to improve the stability of the banking system, but to make invisible risks explicit, so as to improve the economic subject's understanding of financial risks and accurately price and allocate risks. This is particularly important in the period of accelerating interest rate marketization. Otherwise, economic subjects ignore risks and only pay attention to the results of returns, which will only cause serious risk mismatch and accumulate greater systemic risks for a long time.
Second, establish and improve the market-oriented exit mechanism and promote the market-oriented reform of the banking industry. The deposit insurance system provides the necessary premise for the bankruptcy disposal of problem banks by restraining the spillover of bank risks. Therefore, the deposit insurance system is usually an important part of the market-oriented exit mechanism of financial institutions. It is of far-reaching significance to improve the competitive efficiency of the banking system, reduce the entry threshold of banks and promote the development of private banks.
Third, the deposit insurance system has the following effects on bank operation. First, premium payment will bring certain costs to banks in the short term. However, judging from the text of the opinion draft, its initial level is low, and its direct impact on bank profits should be limited; Second, the setting of differential rates can form a positive incentive for banks. However, in the short term, it may increase the cost of poorly managed banks, which will lead to the adjustment of bank deposit structure and related businesses; Third, in the long run, when the public fully understands and accepts the deposit insurance system, the reputation disadvantage of small and medium-sized banks relative to large banks may be improved, which will help the competition and development of small and medium-sized banks.
Fourth, for the vast number of depositors, the deposit insurance system has almost no direct impact. Considering the wide variety of guarantee accounts stipulated in the opinion draft, both personal and corporate deposits are covered. Judging from the guarantee amount, according to the estimation of the People's Bank of China, the guarantee amount of 500,000 has covered more than 99.5% of the accounts. If this amount is calculated on a household basis, it can cover a wider range and the risk of insecurity is very low. In the long run, after the introduction of deposit insurance system, the final completion of interest rate marketization will bring depositors more choices with higher returns.
Of course, as a basic reform involving the whole industry, there are still many related tasks to be completed from the publication of the opinion draft to the formal implementation of the deposit insurance system. In this process, we need to keep a high degree of attention and make corresponding preparations and plans in policy to ensure the smooth progress and effective operation of the system.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.