The National Deposit Insurance Corporation has set aside about N258.8 billion in the 2019 budget for the reimbursement of depositors who may be affected should any licensed bank be liquidated this year.
The estimates, he said, were consistent with the Corporation’s mandate of providing financial guarantee to depositors of failed banks towards promoting public confidence in the banking sector. He said the software is to make for a more robust surveillance and supervision of insured financial institutions in the country.
He said the CBN/NDIC are financing the project in the ratio of 60:40 per cent respectively in view of the importance of the project to the growth of the MFB sub-sector. He said the various mechanisms adopted by the Corporation since inception to resolve distress in banks had not only prevented the manifestation of crisis in the system, they also contributed immensely to the high level of public confidence experienced in the financial sector.
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Source: Daily Trust - 🏆 13. / 51 Read more »