Establishment act

Iran's Fifth Five-Year Development Plan (1390- 1394) 2011- 2015

Article 95

In order to guarantee the repayment of funds belonging to depositors of banks and other credit institutes in case of bankruptcy of the mentioned institutes, authorization is given to the central bank of Islamic Republic of Iran to take action regarding establishing the Deposit Guarantee Fund until end of first year of the Plan at the latest, with consideration to conditions mentioned below:

(a) Guarantee Fund is a public non-governmental entity which shall be run by membership fees received from banks and other credit institutes.

(b) Membership of all banks and other credit institutes in deposit guarantee fund is compulsory.

(c) Membership fees proportional to the turnover rate of the aforementioned banks and credit institutes are approved by the council of ministers based on proposal of the Central Bank of the Islamic Republic of Iran.

(d) The Deposit Guarantee Fund statute shall be approved by the council of ministers based on proposal of the Central Bank of the Islamic Republic of Iran and in coordination with the deputy.