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Thursday,  Jan 18, 2018,13:13 (GMT+7)
Central bank official says depositor rights protected
Wednesday,  Dec 20, 2017,23:01 (GMT+7)
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Central bank official says depositor rights protected

HCMC – The rights of depositors are protected no matter where they deposit their money, central bank deputy governor Dao Minh Tu was quoted by VnExpress as saying.

Tu said the Party, State, Government and State Bank of Vietnam are committed to protecting the legitimate rights and interests of people who hold savings and deposit accounts at banks with State or private capital, and people’s credit funds.

The Government’s drive to restructure the banking sector is aimed at stabilizing the system and ensuring the rights of depositors, he told a meeting with Construction Bank and the Long An branch of the central bank on Monday.

According to Tu, the phase-one restructuring of the banking system (2011-2015) produced positive results. As for OceanBank, GPBank and Construction Bank, the three banks that were acquired by the central bank at zero Vietnam dong, and DongA Bank which is under special surveillance by the central bank, they are still operating as normal.

Their liquidity is improving, Tu said. He told Construction Bank to coordinate with Vietcombank to soon finish the crafting of a restructuring plan.

The central bank is now entering phase two of the banking sector restructuring scheme. Based on results of the first phase, restructuring plans are being drawn up for all banks, not just ailing ones.

Next year is an important year for the banking system. The effective implementation of Resolution 42 and the revised law on credit institutions will create a consistent mechanism for the quick handling of bad debt, according to Tu.

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