Also G7 and IMF go for deposit guarantee

October 16, 2008 7:28 AM

Last week the G7 declared themselves openly in favour of ‘a strong and consistent guarantee regulation to keep the confidence of the savers’.

Parliament-member Glenn Camelia (FK) repeats his plea for the formal introduction of a regulation, with which the savings of local savers can be guaranteed. The recent developments on international level confirm his views.

Last week, it was the seven wealthiest countries in the world that declared themselves openly in favour of ‘a strong and consistent guarantee regulation to keep the confidence of the savers’. The G7 (the United States, Japan, Canada, Germany, France, Italy, and the United Kingdom) included this subject under item four of five action items that they agreed upon.

Last Saturday it was the 185 countries that are affiliated to the International Monetary Fund (IMF) that subscribed to the G7-viewpoint.
“In a sense, the Antilles are also part of this via the Netherlands”, says Camelia. According to him, not only our own laws require the introduction of a ‘deposit protection system’ (article 39 of the Law Supervision Bank- and Credit system from 1994), but also the IMF. It doesn’t matter whether the country has stable, solvent banks or not – a deposit guarantee is required.

Camelia is of the opinion that there is actually an illegal distinction in the government policy if the own bank (the Postspaarbank) has a one-hundred percent deposit protection, but commercial banks don’t.

(Source: National newspaper Amigoe)

14 October, 2008