In 2018, in accordance with the arrangements and requirements of the State Council, the PBC faithfully performed the functions of office, and achieved solid progress in the institutional arrangements of deposit insurance scheme. The whole system operated smoothly, with continued improvement in risk-based premium, early correction, and other functions. The deposit insurance scheme has played an increasingly visible role in protecting the interest of depositors, boosting public confidence, strengthening risk constraint, and bolstering the prudent operation and sound development of banking financial institutions.
By end-2018, a total of 4017 banking financial institutions nationwide that take deposits have covered insurance as required. Deposit insurance continues to provide a high level of full-amount coverage for depositors. The insured amount of up to RMB500,000 offers full-amount protection for 99.5% depositors in all insured institutions, thus effectively safeguarding the stable operation of the banking system. Deposits in the banking system remained generally stable, with the share of deposits from small and medium-sized banks rising steadily.
According to Regulations of Deposit Insurance, insured institutions pay the premium every six months. In 2018, the premium collected under the special account of deposit insurance fund registered RMB32.99 billion, with interest incomes reaching RMB1.1 billion. By December 31, 2018, the outstanding amount under the special account of deposit insurance fund posted RMB82.12 billion, with no expenditure and usage.
Income and Expenditure Account of Deposit Insurance Fund
Unit: RMB
Items |
Year 2017 |
Year 2018 |
1. Opening balance |
23,810,479,076.13 |
48,028,296,851.42 |
2. Current year cumulative amount |
24,217,817,775.29 |
34,092,663,177.87 |
Premiums |
23,606,898,563.06 |
32,990,303,169.18 |
Late fees |
395,698.41 |
1,143,963.39 |
Interest incomes |
610,523,487.43 |
1,101,158,663.71 |
Temporary receipts |
26.39 |
57,381.59 |
3. Current year expenditure |
- |
- |
4. Closing balance |
48,028,296,851.42 |
82,120,960,029.29 |