and they are granted on a per depositor per institution basis. The scheme is privately funded and it extends to foreign currency and inter-bank deposits as well.

_Sources_ : Own survey of deposit insurers, IADI Survey: Bosnia and Herzegovina (2002).

**Brazil.** ( _Fundo Garantidor de Creditos-FGC, Resolutions 2197, 3024_ ) FGC commenced its operations in November 1995. The scheme is privately administered. Membership to the system is mandatory. The banks pay a premium of 0.3 % of the insured deposits. The system does not extend coverage to inter-bank deposits and the coverage limit is set at Reais 20,000. The EDIS was revised in 2002 but the coverage was left unchanged.

_Sources_ : FGC (2004), Garcia (1999), Talley (1998).

**Bulgaria.** ( _Law on Bank Deposit Guaranty, Deposit Insurance_ Fund) The deposit insurance scheme in Bulgaria was established in January 1996 based on Directive 94/19/EC of 1994. At the time, only deposits of physical persons were insured up to EUR 2,500. Due to the failure of 15 banks in the 1996 financial crisis, a blanket guarantee was applied to individual deposits and 50% repayment on company deposits. The Bulgarian Deposit Insurance Fund was established in early 1999. The coverage was raised to BGN 6,900 (EUR 3,528) in April 1998, to BGN 10,000 (EUR 5,113) in 2001 and finally to BGN 15,000 (EUR 7,670) in 2002. The scheme is jointly administered and the membership is mandatory. Insider deposits and deposits paying preferential interest rates are not covered. If the funds’ resources are not adequate, banks can be called to contribute an advance premium of 1.5% of insured deposits. The co-insurance was abolished in 2001. The fund has the right to borrow, including from the government in the last resort to receive donations and foreign assistance.

_Sources_ : Central European (1998), Own survey of deposit insurers, Garcia (1999), Law on Bank Deposit Guaranty-Bulgaria (1998).

**Cameroon, Chad, Central African Republic, Gabon, Equatorial Guinea, and Republic of Congo.** A proposal was drafted in 1999 but only ratified by two out of these six CEMAC countries. Thus, they are not considered to have deposit insurance systems unlike earlier sources Demirgüç-Kunt and Sobaci (2000) and Garcia (1999). These African countries share a common central bank. The features of the proposed system are as follows: mandatory membership, joint administration, a permanent fund in place, exclusion of deposits of foreign currencies. The assessment bases for the premiums are deposits and non-performing loans, and the premium rate is 0.15% of deposits plus 0.5% net non-performing loans. When necessary, budgetary resources will be available from member countries. _Sources_ : Own survey of deposit insurers, Garcia (1999).

**Canada.** ( _Canada Deposit insurance Corporation, Deposit Insurance Corporation Act of Canada_ ) The deposit insurance scheme in Canada was established in 1967 and the initial coverage was $Can 20,000. In 1983 the deposit coverage was raised to $Can 60,000, while retirement accounts and deposits held in trust received separate protection with an additional $Can 60,000. The scheme applies to the aggregate amount held per depositor per institution. The system is jointly administered and the membership is compulsory. The covered deposits are savings and demand deposits, term deposits such as guaranteed investment certificates and debenture issues by loan companies, money orders, drafts, checks, and traveler’s checks issued by member institutions. The fund can borrow from the markets and the government, but is charged at private market rates. _Sources_ : Own survey of deposit insurers, Garcia (1999), Kyei (1995).

**Chile.** ( _Superintendent of Banks, Banking Law_ ) The DIS of Chile was established in 1986. The system does not have a permanent fund in place. The Chilean Central Bank guarantees 100% of the demand deposits in full, and 90% of the household savings and time deposits up to 120 Unidades de Fomento (1 Unidad de Fomento= US$ 24 as of May 2003) per person. The central bank is responsible for demand deposits. Banks with demand deposits in excess of 2.5 times the capital reserves are required to maintain a 100% marginal reserve requirement in short-term central bank or government securities lined to the central bank. The coverage is extended to foreign currency deposits as well and there is no distinction regarding the type of depositor.

_Sources_ : Garcia (1999), IADI Survey: Chile (2003), Kyei (1995).

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