Goals and Objectives
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Goals and Objectives
The Deposit Protection Agency of the Kyrgyz Republic carries out activities aimed at protecting the rights of depositors and strengthening the stability of the financial system through the implementation of the deposit protection system.
The Deposit Protection Agency of the Kyrgyz Republic was established on August 29, 2008, and is a legal entity with an independent organizational and legal form. The Agency is a non-profit organization that does not pursue profit-making objectives and operates in accordance with the rights, powers, and responsibilities defined by the Law of the Kyrgyz Republic
“On Protection of Bank Deposits.”
The Agency’s main objective is to establish a deposit protection system and support the stability of the country’s financial system by protecting individuals’ guaranteed deposits and reducing incentives for withdrawing funds from banks.
Increasing public trust in commercial banks and attracting additional financial resources into bank deposits are essential for the development of the economy and the banking sector, as demonstrated by international practice and remain relevant today.
Key Functions of the Agency
Maintaining the register of participating banks;
Recording depositors’ claims, amounts payable, and calculating deposit compensation;
Paying compensation to depositors in cases of a guarantee event in accordance with the Law of the Kyrgyz Republic “On Protection of Bank Deposits”;
Calculating contributions and crediting funds to the Deposit Protection Fund.
Implementation of necessary measures aimed at ensuring timely and full payment of compensation;
Determination and establishment of conditions and procedures to ensure timely payouts;
Management of the assets of the Deposit Protection Fund in the manner and amounts established by the Law of the Kyrgyz Republic “On Protection of Bank Deposits”;
Important: The Agency acts as a guarantor of the financial interests of the population and participants of the domestic deposit system and, in the event of a guarantee case, pays depositors the amount of their deposits and the accrued interest.
Mission and Areas of Activity
The Agency carries out its activities in line with its mission to ensure effective and reliable protection of individuals’ deposits
To achieve its mission objectives, the Agency implements the following key areas of activity:
Maintaining the register of participating banks;
Accounting for and accumulation of insurance contributions;
Effective management of the assets of the Deposit Protection Fund;
Recording depositors’ claims and paying compensation to depositors of banks participating in the compensation system in cases where banks become insolvent;
