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Establishment and Operation of Ethiopian Deposit Insurance Fund Council of Ministers Regulation No.482-2021

COUNCIL OF MINISTERS REGULATION NO.482/2021

ESTABLISHMENT AND OPERATION OF ETHIOPIAN DEPOSIT INSURANCE FUND COUNCIL OF MINISTERS REGULATION

WHEREAS, for the ongoing economic development of Ethiopia it is essential to strengthen the country´s financial system by ensuring its safety, soundness and stability;

WHEREAS, the protection of depositors contributes to the stability of the financial system;

WHEREAS, it is essential to introduce deposit insurance fund as an additional element of the country´s financial safety net;

WHEREAS, it is necessary to establish and operate a Fund to enable payment to the member financial institution’s depositors with insured deposits in case of the insurance event;

WHEREAS, it is vitally important to collaborate with the National Bank, Member Financial Institutions and other stakeholders to mitigate risk and contribute to stability of the financial system;

NOW, THEREFORE, pursuant to Article 25 of the National Bank of Ethiopia Establishment Proclamation No. 591/2008 (as Amended), the Council of Ministers has issued this Regulation.

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