Recent IADI COVID-19 Survey Results and Briefing Note on 'Ensuring Business Continuity and Effective Crisis Management Activities for Deposit Insurers'
IADI COVID-19 Survey Results and Summary Available to Members
The International Association of Deposit Insurers (IADI) is pleased to release results of the recent IADI Survey on COVID-19 Implications for Deposit Insurers. Results are based on responses from 42 deposit insurance systems across the world. The survey was developed by the IADI Secretariat with the assistance of the IADI Core Principles and Research Council Committee. Key highlights include:
- The initial impacts of the pandemic on financial systems were severe but mitigated to a degree by intervention from central banks, governments, supervisors and deposit insurers.
- Extensive health controls have been introduced, and are still in place, in many jurisdictions and these have had an ongoing impact on deposit insurance system operations.
- Most deposit insurers were quick to implement their Business Continuity Plans (BCPs) and crisis management frameworks to ensure key functions and operations are maintained (e.g. premium collection and reimbursement systems).
- Enhanced information sharing with other safety-net participants took precedence in the majority of systems surveyed.
- Greater efforts have been made to keep the public aware and informed about deposit insurance.
- Numerous deposit insurers acted to temporarily suspend or reduce some requirements, delay previously planned stress testing, and reduce data collection to critical items.
- Monitoring of member institutions has been heightened including updating and revising periodic risk assessments.
- Unlike the financial crisis of 2008, most deposit insurers have not opted to increase deposit insurance coverage to date.
Full survey results are available to IADI Members via the Member-only website (login required).
An overview of the key survey results has also been prepared entitled: ‘Impact of the COVID-19 Pandemic on Deposit Insurance and Financial Stability: IADI Survey Results Summary’ and is available to IADI Members.
IADI Secretariat Briefing Note on: ‘Ensuring Business Continuity and Effective Crisis Management Activities for Deposit Insurers’ Available to Members
In addition to the COVID-19 Survey Results and Summary, we are pleased to make available the following Briefing Note to IADI Members which provides information and citations from the existing IADI guidance papers in the areas of business continuity planning and crisis management to assist deposit insurers in dealing with the pandemic.
Any queries regarding IADI surveys, the deposit insurance database and the above documents can be addressed to IADISurvey@IADI.org