Hanoi (VNA) – Lawmaker discussed abill amending and supplementing some articles of the Law on Credit Institutionson October 26, stressing the need to ensure depositors’ interests and exemptpersons engaging in credit institution restructuring from responsibility.

The discussion was part of the ongoing fourthsession of the 14th National Assembly (NA) in Hanoi.

Bui Thi Quynh Tho, a deputy of Ha Tinh province,asked for the draft law to include more detailed regulations on bankruptcyplans for credit institutions to ensure the safety of depositors and the wholesystem. Aside from clarifying depositors’ interests in case credit institutionsare put under special control, it also needs to detail relevant parties’responsibility before and after institution restructuring.

Deputy Bui Thanh Tung of Hai Phong city said atthe NA’s third session earlier this year, the draft law had a regulation onmeasures to assist the repayment of over-limit deposits to depositors whenpoor-performing institutions are bankrupted. However, this regulation wasexcluded when the bill was taken into consideration at this fourth session. Hewondered how depositors’ interests will be dealt with in this case.

Sharing the same view, deputy Nguyen Thi Le Thuyof Ben Tre province stressed that the top priority must be given to protectingthe interests of depositors because they are the biggest shareholders of creditinstitutions. Deposits make up 85 percent of those institutions’ capitalsources.

The draft law stipulates five restructuringplans for credit institutions under special control, including dissolution andbankruptcy, but hasn’t detailed depositors’ interests in these two cases.

She called for more concrete regulations toprotect the interests of depositors, regardless they are individuals or legalentities.

Regarding the responsibility of persons involvedin credit institution restructuring, Dinh Duy Vuot, representing Gia Lai province,said special mechanisms for them are necessary since people are the decisivefactor in the restructuring. Saving ailing credit institutions is aparticularly difficult and complicated work that needs effective and evenunprecedented solutions.

Echoing the view, deputy Bui Thanh Tung asked tokeep the regulation on responsibility exemption for persons taking part in therestructuring as it is necessary legal protection for those handling this toughand complex work. The bill specifies that they are exempted from responsibilityonly when they have fully performed their duties.

Without a good mechanism to attract personnel tothe restructuring of poor-performing institutions, the restructuring qualitywill be directly affected, he added.-VNA