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Deposit insurance in detail – online Q&A session hosted by the Zakon.kz Web Portal

From 7 to 11 December, 2015, Kazakhstan Deposit Insurance Fund was hosting an online Q&A session on the Zakon.kz web portal to cover different deposit insurance issues. The visitors submitted over 100 questions for discussion. 

The KDIF’s Chairman Mr. Bakyt Kogulov extended acknowledgements to the Zakon.kz web portal’s editorial staff and subscribers for the keen interest they had expressed and a multitude of questions submitted regarding different issues. “The KDIF remains committed to adhere to the highest international standards in deposit insurance. We strive to fulfill our mission of protecting the rights and lawful interests of the banks’ depositors and to contribute to maintaining financial stability. Also, we make continuous effort to implement global best practices and standards”, Mr. Kogulov said.

He added: “Reviewing this online conference, I would also like to take a chance to drive your attention to the fact that a bank being forcibly liquidated is the worst case scenario of negative developments in a bank. Indeed, the fact that only three banks have ever been closed in the KDIF’s history (no banks being closed over the last 8 years) proves that Kazakhstani legislation and banking supervision practices do comply with the global practice and standards in the context of the globally developing processes and the arising challenges in the global financial market”.

Please visit http://www.zakon.kz/faq/bank_deposit.html to see the full script of the questions submitted, as well as the answers and comments given to them by the KDIF.

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