Recent developments in Asian deposit guarantee programs
In response to recent global financial turmoil, governments around the world have adopted various policy measures to support their respective financial systems. A number of countries in Asia have changed the terms of their deposit insurance programs to provide expanded coverage. Four economies—Taiwan, Hong Kong, Singapore, and Malaysia—have recently announced that they will provide an unlimited guarantee of all deposits on a temporary basis. The guarantees, aimed at bolstering confidence in local financial markets and ensuring that banks continue to operate normally, were announced in rapid succession. The close timing of these actions reflects the nature of relations between banking markets in the region, which are both interconnected and competitive.
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