Where are the deposits insured?
The Deposit Insurance Fund shall reimburse the insured deposits, but not exceeding Euro 30,000 in Denar equivalent for a deposit in a bank, foreign bank branch and savings house calculated by applying the middle exchange rate of the National Bank of the Republic of North Macedonia on the day the risk evebt has occurred.
The banks, foreign bank branches and savings houses established in the Republic of North Macedonia are obliged to pay premium for deposit insurance to the Deposit Insurance Fund which is owned by the Government of the Republic of North Macedonia and is thonly institution to insure household deposits.
The resources of the Fund shall be composed of the founding capital, collection of deposit insurance premiums and revenues from investments.
The resources of the Fund shall be invested 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.
The resources of the Fund can only be used for reimbursement of insured deposits and for coverage of operational costs of the Fund.
In case the Fund lacks resources for the payment of the insured deposits, the Fund shall provide additional resources via the following:
- additional payments from banks, foreign bank branchеs and savings houses, but not more than the triple amount of the premiums
- borrowing in the country and abroad
- borrowing from the Budget of the Republic of North Macedonia.
The banks, foreign bank branchеs and savings houses are obliged to pay the additional payments to the account of the Fund within 8 days from the day the Fund submits the calculation to the banks, foreign bank branchеs and savings houses.
In case the Fund lacks resources for reimbursement of insured deposits, the Ministry of Finance can buy out the securities issued by the Republic of North Macedonia and owned by the Fund before the maturity date. The buyout is done without public call.
