The Nigeria Deposit Insurance Corporation (NDIC) yesterday said the effective resolution of banks in distress is critical to depositors’ protection.
The NDIC on its official Twitter handle said the effective resolution will also ensure the stability of the financial system.
It also described the resolution plan as one put in place by regulators to facilitate the effective resolution of a distressed bank without any disruption or loss of the taxpayers’ money.
It said the plan also served as a guide to regulators for achieving an orderly resolution in the event that recovery measures were not feasible.
The News Agency of Nigeria (NAN) reports that one of the Corporation’s mandates is to supervise banks to protect depositors, foster monetary stability; promote an effective and efficient payment system.
It also promote competition and innovation in the banking system. (NAN)
Resolution plan is one put in place by regulators to facilitate the effective resolution of a distressed bank without any disruption or loss of the taxpayers’ money.
