“The amendments are seen to result in a stronger deposit insurance system for the benefit of the depositing public,” a statement by the PDIC read.
Additionally, the state deposit-insurer is now mandated to provide insurance cover to Islamic bank products or arrangements classified as deposits by the BSP. The PDIC can now also sell closed bank assets to financial institution strategic transfer corporations . Specifically created under the FIST Act, FISTCs can purchase the non-performing assets of financial institutions including loans and real and other properties acquired , both of which comprise the biggest chunks of assets held by the PDIC as the statutory liquidator of closed banks.
“We will continue to support reforms geared towards the strengthening of the financial sector, with an emphasis on improving regulatory practices and promoting good governance and adherence to global best practices,” the chairman of the PDIC Board of Directors said.
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