Reply of the State Council on Approving the Implementation Plan for Deposit Insurance System

· Document Number：No. 60 [2015] of the State Council

· Area of Law： Banking & Finance

· Level of Authority： Regulatory Documents of the State Council

· Date issued：03-20-2015

· Effective Date：03-20-2015

· Status： Effective

· Issuing Authority： State Council

Reply of the State Council on Approving the Implementation Plan for Deposit Insurance System
(No. 60 [2015] of the State Council)
The People's Bank of China:
The Request of the People's Bank of China for Examination and Approval of the Implementation Plan for Deposit Insurance System (No. 60 [2015], PBC) has been received. The following reply is hereby made:
I. The implementation plan for deposit insurance system as submitted by the People's Bank of China in consultation with the relevant departments is hereby approved. The People's Bank of China shall, jointly with the relevant departments, seriously organize the implementation work in accordance with the Deposit Insurance Regulation and other relevant laws and regulations.
II. For the deposit insurance fund, the People's Bank of China shall open a special account for separate management and accounting, and the People's Bank of China shall undertake the management work. After the deposit insurance fund becomes relatively sufficient and other conditions are mature, an independent body may be formed by the prescribed procedure to perform the deposit insurance functions.
III. The People's Bank of China shall, together with the relevant departments, strengthen coordination and cooperation and make concerted efforts to ensure the smooth development and effective implementation of the deposit insurance system on the basis of the decisions and arrangements of the CPC Central Committee and the State Council and in view of their respective functions and duties. Any significant matter shall be reported to the State Council without delay.
State Council
March 20, 2015