SAVINGS DEPOSIT INSURANCE FUND.
Deposit insurance system is the most advanced association among those established up to now for the protection of deposits. The system works between deposit owners, banks accepting the deposits and the institutions taking the deposits under insurance guarantee. It takes its sanction power from rule of law based on country’s legislation. The association providing insurance collect specific premium against this transaction.
The Association steps in through the resolutions written in the related legislation when the bank in which deposits are invested can not repay the owner’s deposit. It pays the total amount under the insurance to the depositor/s. In order to take back the totals it paid, It initiates the legal process about the bank having difficulty in paying.
According to art. 111 of Banking Code, “The Savings Deposit Insurance Fund, which is a public legal entity and which has administrative and financial autonomy has been established to insure deposits in order to protect the rights and interests of depositors and to ensure confidence and stability in financial markets; insure deposits and contribution funds; manage the banks with the Fund; strengthen and restructure their financial standing; transfer, merge, sell or liquidate such banks; execute and conclude the follow-up and collection transactions of the receivables of the Fund, manage the Fund’s assets and resources and perform other duties assigned thereto by the Law, within the framework of the powers given by this Law and other applicable legislation”.
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Saving Deposit and Insurance Fund, is a public law legal person which has three main personality. These are: