{"id":462016,"date":"2018-02-06T20:11:54","date_gmt":"2018-02-06T20:11:54","guid":{"rendered":"https:\/\/ghana-mma.com\/2018\/02\/06\/deposit-protection-will-help-boost-confidence-in-financial-sector-franklin-belnye\/"},"modified":"2018-02-06T20:11:54","modified_gmt":"2018-02-06T20:11:54","slug":"deposit-protection-will-help-boost-confidence-in-financial-sector-franklin-belnye","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2018\/02\/06\/deposit-protection-will-help-boost-confidence-in-financial-sector-franklin-belnye\/","title":{"rendered":"Deposit protection will help boost confidence in financial sector &#8211; Franklin Belnye"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Business News of Tuesday,  6 February 2018<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>www.ghanaweb.com<\/p>\n<p>2018-02-06<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2018\/02\/55930541.295.jpg\" alt=\"Franklin Belinye\" title=\"Franklin Belinye\" width=\"295\" height=\"168\" \/><span class=\"play-icon\">play video<\/span><span class=\"image_caption\"><span>Franklin Belinye<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n<p>\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=151125813973067\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=151125813973067\"><\/p>\n<p>\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2018\/02\/1517947914_558_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\"> Project Coordinator for Deposit Protection at the Bank of Ghana, Franklin Belnye says the introduction of the Deposit Insurance Scheme will help protect small depositors and increase confidence in the country\u2019s banking system.<\/p>\n<p>According to him, the continuous failure of financial institutions over the years have proved that provisional supervision is not enough to keep deposit-taking institutions in business.<\/p>\n<p>He said the collapse of several banking institutions in the early 90s and the recent collapse of institutions such DKM Microfinance, UT Bank and Capital Bank is a clear indication that other mechanisms need to be put in place to help address such things.<\/p>\n<p>\u201cWe have had experience of distress\u2026 all these developments indicate to us the we have in place the three pillars of provisional supervision and yet institutions are failing so we need more than just prudential effective oversight,\u201d he noted.<\/p>\n<p>He added that the Deposit Insurance Scheme will among other things help in \u201cmanaging the quasi-fiscal cost that arise when a deposit-taking institution goes under\u201d.<\/p>\n<p>Mr Belnye was speaking at a business breakfast meeting organised by Graphic Business and Stanbic Bank under the theme \u201cDeposit insurance: Catalyst for a stronger banking industry\u201d.<\/p>\n<p>The Deposit Protection Act which was passed by parliament in 2016 aims at protecting depositors from unforeseen circumstances that may result in loss of funds.<\/p>\n<p>According to the law, depositors whose monies get locked up in financial institutions during crisis may receive up to GH\u00a26,250 in compensation from the Deposit Protection Fund Corporation.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/content.jwplatform.com\/players\/lQVpLOKS-GtVgZhNx.html\" width=\"600\" height=\"350\" frameborder=\"0\" scrolling=\"auto\" allowfullscreen=\"\" style=\"position:absolute;\"><\/iframe><\/p>\n<p><!-- uploaded by: 63 updated by: 3 --><\/p>\n<p><!-- Start of html generated by this->footer() -->\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business News of Tuesday, 6 February 2018 Source: www.ghanaweb.com 2018-02-06 play videoFranklin Belinye Project Coordinator for Deposit Protection at the Bank of Ghana, Franklin Belnye says the introduction of the Deposit Insurance Scheme will help protect small depositors and increase confidence in the country\u2019s banking system. According to him, the continuous failure of financial institutions [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":462017,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-462016","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/posts\/462016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/comments?post=462016"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/posts\/462016\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/media?parent=462016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/categories?post=462016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/tags?post=462016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}