YEAROF
ESTABLISHMENT
(SEPT. 1985)
CHANGES (SEPT. 1985~PRESENT)
ScopeofCoverage Deposit principal and
interest
•
FromJanuary1999, limited todeposit principal.
•
Limited to principal as above. However, beginning
in July 2001, the principal and interest of deposits in
unsound financial institutionsdisposedof by theFinancial
RestructuringFundwerebothguaranteed.
•
In October 2008, the government announced that the
coverage of deposits under the temporary full deposit
insurance coverage would include both principal and
interest untilDecember 31, 2009.
•
On December 29, 2010, amendments toArticles 12 and
13 of the Deposit Insurance Act were promulgated by
Presidential decree, whereby the scope of coverage was
enlarged to include both foreign currency deposits and
interest ondeposits.
Typesof Eligible
Deposits
•
Checkingdeposits
•
Demanddeposits
•
Timedeposits
•
Savingsdeposits
•
Trust funds
•
Other deposits
that the competent
authorityhas
approvedaseligible
•
Same as the left column. (Beginning in July 2001, all
deposits and non-deposit liabilities of insured institutions
disposedof by theFinancial RestructuringFundwere fully
guaranteed. In June2005, after a revisionof the Financial
Restructuring Fund Statute, the non-deposit liabilities
of unsound financial institutions were not eligible for
protection. However, those non-deposit liabilities that
were incurred prior to the implementation of the revised
Statute remainedprotected.)
•
Revised inJanuary2007
:
Deletionof “Trust funds”.
•
Revised inMay2008as follows:
1.Checkingdeposits
2.Demanddeposits
3.Timedeposits
4.Deposits requiredby law tobedeposited in certain financial
institutions
5.Other deposits that the competent authority has approved as
eligible
67
Appendix
