About the fund
The Deposit Insurance Fund (DIF) is a specialized state-owned financial institution established to provide insurance of household deposits in banks and savings houses in the country, as well as reimbursement of insured deposits in banks, branches of foreign banks and savings houses where a risk event has occurred.
According to the Law on Deposit Insurance Fund, the term deposits covers: deposits in national currency – denar and deposits in foreign currencies, certificates of deposits, transaction accounts, deposits related to credit cards and foreign currency inflows of natural persons.
In the case of reimbursement by DIF, individual deposits of one natural person in a bank, branch of a foreign bank or a savings house are considered as a single deposit.
Core mission
The DIF shall reimburse insured deposits, but no more than Macedonian denar equivalent of 30.000 euros for a deposit in a bank, branch of a foreign bank or a saving house, calculated by the average currency rate published by the National Bank of the Republic of North Macedonia on the day the decision to revoke the license of the bank, branch of a foreign bank or a savings house has been made.
Banks, branches of foreign banks and savings houses established in Republic of North Macedonia are considered as members of the DIF. The DIF membership is mandatory.
The insurance of deposits in banks, branches of foreign banks and savings houses, as a core mission of DIF, contributes to maintaining stability and confidence of the community in the banking and financial system of the country. The deposits of legal entities - small traders shall also be insured from the day North Macedonia becomes a full member of the European Union.
The assets of DIF shall be composed of founding capital, collection of insurance premiums and investment revenues.
DIF collects premium from its’ members at a rate of 0.25% on annual level from the total deposits of natural persons in each bank, branch of foreign bank and savings house.
The funds paid to DIF by banks, branchеs of foreign banks and savings houses as premiums are considered irrevocable.
DIF shall invest its funds in:
- Securities issued by the Republic of North Macedonia and the National Bank of the Republic of North Macedonia with maturity up to twelve months from the moment of purchase.
- Debt securities issued by foreign countries, central banks or public international financial institutions, rated by at least two internationally acknowledged credit risk assessment agencies, in one of the highest categories, up to the level of insured foreign currency deposits.
DIF shall begin the reimbursement procedure for insured deposits within 20 days after receiving the decision of the Governor of the National Bank for revoking the license for establishment and operating a bank, branch of a foreign bank or a savings house.
International Relations
DIF is a member of the European Forum of Deposit Insurers (EFDI). ЕFDI is association of European Funds for Deposit Insurance, and its purpose is to contribute to the stability of financial systems by promoting European cooperation in the field of deposit insurance.
DIF also collaborates with the International Association of Insurers of Deposits (IADI).
