The adoption of the statutes of the Deposit Guarantee Fund by the Economic Commission of the Council of Ministers will provide more guarantees to people with deposits in the Angolan banking system, the governor of the National Bank of Angola said Thursday.

Governor José de Lima Massano said the Deposit Guarantee Fund would be participated by commercial banks with a contribution of 0.3 percent of each of their deposit portfolios.

The governor of the Angolan central bank gave assurances that with the contribution level provided for in the statutes “we will be able to protect about 90 percent of existing depositors in the country’s banking system.”

Adoption of the Statutes of the Deposit Guarantee Fund stems from a provision of the Financial Institutions Law (Law 13/05), which provides for establishment of a complementary instrument to protect depositors.

Prior to the adoption of the Deposit Guarantee Fund, depositors of Angola’s banking system relied on the protection of prudential norms set out by the central bank and the commercial banks’ own internal control instruments. (macauhub/AO)