adjusted and they have the following annual rates based on insured deposits for different risk ratings; A: 0.45%, B: 0.60%, C: 0.95%, D: 1.25%, E: 1.45%. The coverage limit in 1991 was S 2500 which has been updated according to the wholesale price index on a quarterly basis. In December 1998 it was raised to S 62,000 and just a month earlier it was only at S 13,836. The limit was S 68,474 by the end of 2003. The coverage is calculated per depositor.

_Sources_ : Own survey of deposit insurers, IADI Survey: Peru (2003), Garcia (1999), Kyei (1995).

**Philippines.** ( _Philippine Deposit Insurance Corporation-PDIC, Republic Act 3591/7800_ ) The scheme of Philippines was established in 1963. It is government legislated and administered and jointly funded. The government provided the initial capital. The central bank has made loans and borne losses. The government and the central bank are represented on the board. All deposit-taking institutions and corporations authorized to perform banking functions in the Philippines are covered and are obliged to be members of the Fund. The coverage is extended to savings and checking accounts; foreign currency, inter-bank and time deposits on a per depositor per institution basis. The coverage limits in Philippine pesos took the following values historically: 10,000 in 1963, 15,000 in 1978, 40,000 in 1984 and 100,000 since 1992. _Sources_ : Own survey of deposit insurers, Garcia (1999), IADI Survey: Philippines (2003), Kyei (1995), Talley and Mas (1990).

**Poland.** ( _Banking Guarantee Fund, Law on Banking Guarantee Fund, 1994_ ) The Polish deposit guarantee scheme was established in 1995. It is officially administered and jointly funded. The Bank of Poland and the government contributed the initial capital. It excludes the deposits of a bank’s significant stockholders, directors, or senior managers, the deposits of the treasury, investment firms, or insurance companies. The treasury also insures some housing savings deposits. The coverage is calculated per depositor per institution. In 1995 the coverage limit was calculated as 100% of up to EUR 1,000 and 90% of EUR 1,000 to EUR 3,000. Then, the upper limit in euros (the co-insured part) rose over time as follows; 1997: 4,000, 1998: 5,000, 1999:8,000, 2000: 11,000, 2001: 15,000, 2002: 18,000, 2003: 22,500. _Sources_ : Own survey of deposit insurers, Garcia (1999), Kyei (1995).

**Portugal.** ( _Deposit Guarantee Fund, Decree-Law No. 298/92_ ) The scheme of Portugal was established in 1992 and was revised in 1995. It is officially administered and jointly funded. The Bank of Portugal provided the initial capital to the Fund. In 1999 the coverage for agricultural credit cooperatives has been changed to be equivalent to the coverage for commercial banks. The scheme extends coverage to demand, time and foreign currency deposits, but not to those of insiders or criminals, financial institutions or central and local governments. All credit institutions are mandatory members of the Fund and they pay annual premiums at rates ranging between 0.1% and 0.2%. Initially, the coverage limit was 100% of first ECU 15,000, 75% of second ECU 15,000, and 50% of third ECU 15,000. Since June 1999 the coverage limit is fixed at EUR 25,000 without co-insurance per depositor per institution.

_Sources_ : Own survey of deposit insurers, Garcia (1999), IADI Survey: Portugal (2002), Institute of International Bankers (1999), Kyei (1995).

**Romania.** ( _Deposit Guarantee Fund in the Banking System_ ) The Romanian scheme was established in 1996. It is government legislated and funded. The fund can borrow from the state, the central bank and other resources. The government can guarantee the debt. Coverage limit is adjusted annually for inflation and it was ROL 125,222,000 (approx. $3,841) by the end of 2003. The maximum coverage amount is calculated per depositor per institution and the goal is to attain the EU ceiling requirement of EUR 20,000. Each Romanian bank pays an initial contribution equivalent to the 1% of its subscribed capital of the domestic banks. Foreign bank branches pay an initial contribution equivalent to 1% of the subscribed bank capital of the minimum capital provided by a Romanian bank. Premium rates range between 0.3% and 0.6% of natural persons’ deposits. They are calculated according to a formula that includes measures of solvency, profitability, liquidity, ratio of loans to equity, and risk exposure and can be 1.6% at maximum. _Sources_ : Own survey of deposit insurers, Garcia (1999), IADI Survey: Romania (2002), Institute of International Bankers (1997).

**Russia.** ( _Agency for Restructuring Credit Organizations-ARCO, Deposit Insurance Program, Federal Laws 177-FZ through 182-FZ_ ) The deposit insurance system of Russia was legislated in December 2003. The law only covers deposits of physical persons and hence excludes corporate and inter-bank deposits. The coverage limit in rubles was set at 100% of deposits up to 20,000; 90% of deposits between 2,000 and

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