The Deposit and Savings Insurance Fund of Tajikistan is established to protect the interests of depositors and ensure the stability of the banking system. In accordance with the Law on Deposit and Savings Insurance, the Fund performs a range of statutory functions aimed at safeguarding insured deposits, managing its financial and institutional resources prudently, and promoting public confidence in the financial system. The following outlines the Fund’s core functions as defined by law.
Main Objectives of the Fund
- To protect the rights and legitimate interests of depositors by providing insurance compensation.
- To ensure the functionining of the DIS and contribute to the stability of the financial system.
- To strengthen public confidence in the banking system of the Republic of Tajikistan.
Legal and Institutional Framework
The Fund’s legal status, governance, and functions are defined by the Law of the Republic of Tajikistan “On Deposit and Savings Insurance” and other regulatory acts. The Fund cooperates closely with the National Bank of Tajikistan, the Ministry of Finance, and other public authorities to fulfill its statutory mandate.
Accountability and Oversight
The Fund’s activities are overseen by the Supervisory Board, which is the highest governing body responsible for approving the Fund’s key policies, budget, and strategic directions. The Fund reports regularly to the Board and operates in accordance with the principles of accountability and good governance.
Functions of the Fund
Determination and Reimbursement of Insurance Compensation
The Fund determines the amount of insurance compensation due to depositors and ensures its timely payment in accordance with the Law.
Maintenance of the Registry of Member Institutions
The Fund maintains an official registry of credit institutions that are members of the deposit insurance system.
Assessment and Collection of Contributions
The Fund assesses, collects, and records insurance contributions from member credit institutions and monitors the timeliness of such payments.
Receipt of Information and Reports
The Fund receives the necessary information, data, and reports from credit institutions as provided by the Law.
Management of Fund Assets
The Fund invests, manages, and places its assets with the objective of accumulating and preserving resources.
Participation in Bank Restructuring
The Fund may participate in financing the restructuring of a credit institution, including the transfer of insured deposits and savings to another credit institution or intermediary bank, to fulfill insurance obligations.
Borrowing from the Government
In case of a deficit, the Fund is authorized to borrow funds from the Government of the Republic of Tajikistan.
Requesting Corrective Measures
The Fund may request the National Bank of Tajikistan to take corrective actions against credit institutions that do not comply with the Law.
Issuance of Orders
The Fund may issue orders to credit institutions and demand their implementation within the framework of the Law.
Issuance of Normative Acts
The Fund issues normative acts, including rules and instructions, and ensures their enforcement.
Promotion of Public Confidence
The Fund promotes public trust in the banking system of Tajikistan by guaranteeing deposits and savings.
Other Functions
The Fund performs other functions necessary to achieve its statutory goals as provided by law.