How It Works
Deposit insurance institutions are for the most part government run or established, and may or may not be a part of a country’s central bank, while some are private entities with government backing or completely private entities.
There are a number of countries with more than one deposit insurance system in operation including Austria, Canada (Ontario & Quebec), Germany, Italy, and the United States.
On the other hand, one deposit insurance system can cover more than one country: the Marshall Islands, the Federated States of Micronesia, and Puerto Rico are insured by the US Federal Deposit Insurance Corporation.
Cameroon, the Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon will also be covered by a single system.
Read more about this topic: Deposit Insurance
Famous quotes containing the word works:
“We ourselves are Jews by birth and not Gentile sinners; yet we know that a person is justified not by the works of the law but through faith in Jesus Christ. And we have come to believe in Christ Jesus, so that we might be justified by faith in Christ, and not by doing the works of the law, because no one will be justified by the works of the law.”
—Bible: New Testament, Galatians 2:15-16.