Deposit Insurance: Recent Developments and Future Challenges
The Global Financial Crisis has influenced not only the role of central banks, the responsibilities of financial supervision and macro-prudential oversight, but also the mandates of deposit insurance, a special financial service rarely spoken of. Critical to ensuring financial stability, the main mandate of deposit insurance is to keep public trust in the banking system through fast compensation in the event a bank fails.
This Finance@CEU event held by István Tóth and Balázs Vajai of the National Deposit Insurance Fund will provide an overview of recent developments in the U.S., discuss the importance of deposit insurance in the EU’s proposed banking union, and offer an inside look at recent bank failures and how tens of thousands of depositors have been compensated in Hungary. The event will touch on how the Global Financial Crisis has contributed to the creation and acceptance of global deposit insurance standards, and future challenges imposed by regulation, changes in the market environment and the FinTech revolution.
Recommended book: Sheila Bair (former FDIC Chairwoman), "Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself," (2012 Simon & Schuster).
István Tóth is PR and International Relations Manager at the NDIF. He has managed crisis communications as spokesperson for nine bank failures, and is PR Committee Chairman of the European Forum of Deposit Insurers. A FinTech enthusiast, he has initiated a number of progressive projects in deposit insurance. He previously worked in various PR roles for Raiffeisen Bank, Budapest Bank and Porter Novelli.
Balázs Vajai is Risk Manager at the NDIF. He previously worked in various roles for Merkantil Bank, OTP Bank and K&H Bank.