National Bank of Angola finalises preparation of Deposit Guarantee Fund

15 August 2014

Angola’s Deposit Guarantee Fund is in the final stage of preparation, an official source from the National Bank of Angola (BNA) told the Angolan weekly Expansão.

A deposit guarantee fund is a mechanism whose main aim is to assure, generally up to a certain limit, reimbursement of deposits held in banks, which under Angolan law are the only institutions authorised to receive deposits from the public.

The BNA source also told the weekly that preparations for the Angolan Fund involved training actions for technical personnel and managers’ participation in work meetings conducted by the International Association of Deposit Insurers (IADI), an institution based in Basel, Switzerland.

The National Bank of Angola also counted contributions from the Angolan Association of Banks and the International Monetary Fund, the source said.

The IADI is domiciled at the Bank of International Settlements in Basel. It is a non-profit organisation founded in May 2002, which currently represents 75 deposit insurers in 73 countries and territories. (macauhub/AO)