Enhanced Guidance for Effective Deposit Insurance Systems - Public Awareness of Deposit Insurance Systems
This paper responds to an FSB request of IADI to provide additional guidance on public awareness for deposit insurance systems. Drawing on the experiences of deposit insurers that conduct public awareness programs, a survey of practitioners, and academic literature, IADI identified the following 9 supplemental guidance points aimed at updating and enhancing its guidance related to public awareness:
- Deposit insurers should build credibility with depositors and stakeholders;
- Deposit insurers should clearly define the principal target audiences and subgroups;
- The deposit insurer should set a long-term strategy and make budget allocations to build and maintain the desired level of public awareness about deposit insurance among the target audience;
- The deposit insurer should consider using external public relations, advertising, and branding expertise to supplement internal expertise and maximize the effectiveness of the public awareness program;
- The deposit insurer should conduct comprehensive quantitative and qualitative research to ascertain perceptions, attitudes, issues and images related to deposit insurance.
- The deposit insurer should monitor and conduct regular, independent evaluations of awareness levels;
- If a country is transitioning from a blanket guarantee to a limited coverage deposit insurance system, public awareness activities should begin as early as possible;
- The deposit insurer should develop a crisis management contingency program in advance in order to address potential crises;
- Member institutions should be required by law or regulation to provide information about deposit insurance.