{"id":53218,"date":"2021-10-20T16:14:37","date_gmt":"2021-10-20T15:14:37","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=53218"},"modified":"2021-10-20T16:15:13","modified_gmt":"2021-10-20T15:15:13","slug":"financial-institutions-ndic-to-scale-up-financial-and-technical-support-to-guide-against-downside-risks","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/financial-institutions-ndic-to-scale-up-financial-and-technical-support-to-guide-against-downside-risks\/","title":{"rendered":"Financial Institutions: NDIC To Scale Up Financial And Technical Support To Guide Against Downside Risks"},"content":{"rendered":"

 <\/p>\n

To ensure stability and help actualise the economic growth drive of President Mohammadu Buhari, especially in the financial system, the National Deposit Insurance Corporation (NDIC), has reiterated its commitment to provide the needed support for institutions that are facing financial difficulties.<\/p>\n

The Managing Director\/Chief Executive NDIC, Mr. Bello Hassan made this remark on Wednesday in his welcome address at the 18th edition workshop, organised by the corporation for Business Editors and finance correspondent in Ibadan.<\/p>\n

According to him, “there have been recent calls on the Corporation to enhance the provision of support, to insured institutions that are facing financial difficulties. To this end, we have identified the need to reconsider our framework, to provide realistic terms and conditions that will enable qualifying insured financial institution promptly access technical and or financial support, in line with S.(2)(1)(b) of the NDIC Act, whilst also protecting the Corporation from possible downside risks.<\/p>\n

“We are equally collaborating with relevant stakeholders, to ensure that the Corporation discharges its responsibilities efficiently without hindrances, following revocation of licenses of any insured institution by the CBN. This has become more important to us, giving the need to improve on our processes in resolving liquidated financial institutions. Some of the obstacles bedeviling the efficient and timely resolutions of liquidated institutions, such as slow recovery and realization of assets, as well as litigation by erstwhile shareholders and creditors of closed banks can only be addressed through effective collaboration.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

The NDIC boss who said the choice of the theme of this year\u2019s workshop: \u201cEnduring Extreme Disruptions: Resilience & Reinvention for Banking System Stability & Deposit Insurance\u201d was apt noted that “as economies across the globe continue to grapple with the devastating impact of the COVID-19 Pandemic, it has become expedient and highly desirable, for supervisors to come up with appropriate strategies that are required to build resilience into our financial system as we seek to provide the much-needed support to the Federal Government\u2019s economic recovery agenda”, he added.<\/p>\n

Speaking on the harmonious relationship with all stakeholders, to enhance the capacity of the Corporation in the discharge of its statutory obligations towards the fulfilment of the public policy objectives for which it was established, the NDIC boss informed that, the corporation
\nkey focus is therefore to scale up the deposit insurance framework; provide timely support to insured institutions as and when required; ensure faster and orderly resolutions of liquidated insured institutions; as well as continue to assist the Central Bank in promoting the stability of the banking system.<\/p>\n

He explained that, in the area of Deposit Insurance, as a key mandate of the Corporation, it has evolved a strategy which accentuates its existing framework.<\/p>\n

“The initiative, strives to ensure that the insurance cover is adequate to support this objective within the banking sector. In addition, considering the importance of the optimum Funding Ratio in deposit insurance, we are developing an effective methodology for determining a realistic Target Funding Ratio for the Corporation. Additionally, we have commenced the review of our approach to the determination of premium by banks to make it more risk-based, such that, the probability of the risk crystallizing, becomes a major factor in the pricing methodology of our premium going forward.<\/p>\n","protected":false},"excerpt":{"rendered":"

ensure stability and help actualise the economic growth drive of President Mohammadu Buhari, especially in the financial system, the National Deposit Insurance Corporation (NDIC), has reiterated its commitment to provide the needed support for institutions that are facing financial difficulties.<\/p>\n","protected":false},"author":6,"featured_media":50323,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[9127,818],"coauthors":[2391],"class_list":["post-53218","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-mr-bello-hassan","tag-ndic"],"yoast_head":"\nFinancial Institutions: NDIC To Scale Up Financial And Technical Support To Guide Against Downside Risks - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/financial-institutions-ndic-to-scale-up-financial-and-technical-support-to-guide-against-downside-risks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Institutions: NDIC To Scale Up Financial And Technical Support To Guide Against Downside Risks - 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