fund was established by the public-owned banks. In line with the transformation to EC Deposit Guarantee Directive, the official binding statutory deposit protection has been limited to 90% of EUR 20,000 for commercial banks, which co-exists with the voluntary funds by various banking associations. In the official and voluntary deposit protection schemes, coverage amounts are calculated as per depositor. _Source_ : Own survey of deposit insurers.

**Gibraltar.** ( _The Deposit Guarantee Scheme Ordinance_ ) The deposit insurance scheme in Gibraltar was established in 1998 in line with the insurance arrangements in the EU via directive 94/19/EC. It is jointly administered and privately funded, where the membership is mandatory. There is no permanent fund in place. The banks make ex-post contribution to the fund and pay administrative expenses on a regular basis. The coverage is the lesser 90% of all qualifying deposits or 18,000 British pounds (or Sterling equivalent of EUR 20,000, whichever is the greater).

_Sources_ : Own survey of deposit insurers, Garcia (1999), Gibraltar Deposit Guarantee Board (1998).

**Greece.** ( _Hellenic Deposit Guarantee Fund, Law 2832/2000_ ) The deposit guarantee scheme of Greece was established in 1995 by Law 2324/95 which was later amended by 2832/2000. It is administered jointly. The board has eight members;  three members from the Bank of Greece, five members from the Hellenic Bank Association with a participant from the Ministry of Finance. If the fund resources are not sufficient to meet the depositors’ claims, members may be called upon to pay an additional contribution that can not exceed 300% of the last annual contribution. The premiums paid by the members are determined by the following brackets: 0.5 million GRD – 1.25%, 51-250 million GRD – 1.20%, 251-750 million GRD – 1.175%, 7511750 million GRD – 0.205%, 1751 million GRD and above – 0.025%. Inter-bank, insider, illegal and central government deposits are not covered. Membership is mandatory by the commercial and cooperative banks and the Fund covers savings, checking and foreign currency deposits. The coverage limit is EUR 20,000 per depositor per institution with no co-insurance.

_Sources_ : Garcia (1999), Hellenic Deposit Guarantee Fund (2000), IADI Survey: El Salvador (2002), Institute of International Bankers (1996), Kyei (1995).

**Guatemala.** The deposit insurance scheme in Guatemala was established in 1999 and is publicly governed. A private fund is employed although the government may make temporary contributions with the provision of repayment. The premium rates are set at 1% plus 0.5% when the fund falls short of the target. The coverage limit is $2,800 per depositor which can be adjusted to cover between 90 to 95% of the accounts. _Source_ : Garcia (2000).

**Honduras.** The deposit insurance scheme of Honduras was established in 1999 as a response to a major banking crisis and under the Temporary Law of Financial Stabilization, all bank deposits received a full expost guarantee which remained valid until 2002. After September 2003 the government insurance covered insured deposits up to 165,000 lempiras ($9,500). The scheme is publicly administered and jointly funded requiring premiums up to 0.25% of insured deposits. _Sources_ : Industry Canada (2002), Garcia (2000).

**Hong Kong.** ( _Hong Kong Monetary Authority, Companies Ordinance_ ) There is no explicit deposit insurance scheme in Hong Kong but is soon expected to be introduced. The coverage limit of the proposed scheme is HK$ 100,000 (or $12,820) per depositor per institution. An alternative scheme where small depositors receive a priority treatment is currently in place based on Companies Ordinance that took effect in 1995. The priority limit is the first HK$ 100,000 of net deposits. _Sources_ : Own survey of deposit insurers, IADI Survey: Hong Kong (2003).

**Hungary.** ( _National Deposit Insurance Fund, Act XXIV of 1993_ ) The deposit insurance fund of Hungary was established on 31<sup>st</sup> March, 1993. The system is government legislated and privately administered. Members of the board of directors are, the president of the National Bank of Hungary, the administrative secretary of the state of the Ministry of Finance, the president of inspections, two persons delegated by the interest-representing organizations of financial institutions, and the managing director of the DIF. Deposits of government, insiders, professional investors, money launderers, and other banks are excluded from coverage. The government can guarantee fund borrowing from the central bank or private markets if requested. Membership to the Fund is compulsory. The coverage is mainly extended to savings accounts, certificates of deposit and foreign currency deposits. However, only currencies denominated in EUR or

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