The Regulations of Deposit Insurance came into effect on May 1, 2015, signaling the formal establishment of the deposit insurance scheme in China. In accordance with the arrangements and requirements of the State Council, the PBC faithfully performed the functions of office, conducted careful organization and achieved solid progress in the implementation of deposit insurance scheme. A total of 3959 banking financial institutions nationwide that take deposits have covered insurance as required. The risk-based premium was implemented steadily, and the function of the deposit insurance scheme improved constantly. In 2017, the structure of deposits in large, medium and small banks remained stable and banking financial institutions operated smoothly, with positive reaction from all parties. As an important basic institutional arrangement for the financial industry, the deposit insurance scheme has played an active role in improving the financial safety net, strengthening depositor protection, promoting the formation of market-oriented financial risk prevention and disposal mechanisms, and establishing a long-term mechanism to maintain financial stability.
According to Regulations of Deposit Insurance, insured institutions pay the premium to the deposit insurance management institution, thus giving rise to the deposit insurance fund. The deposit fund is operated by the PBC via special account with separate accounting management. In 2017, the premium collected under the special account of deposit insurance fund registered RMB23.607 billion, with interest incomes reaching RMB0.611 billion. By December 31, 2017, the outstanding amount under the special account of deposit insurance fund posted RMB48.028 billion, and no expenditure or usage has occurred yet.
Income and Expenditure Account of Deposit Insurance Fund
Unit: RMB
Items |
Year 2016 |
Year 2017 |
1. Opening balance |
3,099,980,654.42 |
23,810,479,076.13 |
2. Current year cumulative amount |
20,710,498,421.71 |
24,217,817,775.29 |
Premiums |
20,471,200,682.84 |
23,606,898,563.06 |
Late fees |
134,437.49 |
395,698.41 |
Interest incomes |
238,139,580.01 |
610,523,487.43 |
Temporary receipts |
1,023,721.37 |
26.39 |
3. Current year expenditure |
- |
- |
4. Closing balance |
23,810,479,076.13 |
48,028,296,851.42 |
