In 2020, in accordance with the arrangements and requirements of the State Council, the PBC faithfully performed the functions of office, and continued to achieve solid progress in the institutional arrangements of deposit insurance scheme. The whole system operated smoothly, with continued high level of protection for depositors. Risk-based premiums, early correction, risk disposal and other functions are gradually playing important roles.

By end-2020, a total of 4024 banking financial institutions nationwide that take deposits have covered insurance as required. In 2020, the premiums collected under the special account of Deposit Insurance Fund (DIF) registered RMB42.388 billion.

To defuse financial risks, RMB67.6 billion from DIF was used to provide guarantees for RMB102.4 billion of central bank lending for financial stability purposes; RMB16.56 billion was used to purchase non-performing assets; RMB8.89 billion was used to subscribe for shares of Huishang Bank; RMB10 billion was used as capital of the Deposit Insurance Corporation, of which RMB6.6 billion was used to finance the establishment of Mengshang Bank. By end-2020, the DIF balance of deposits stood at RMB62.04 billion.

Income and Expenses of Deposit Insurance Fund

                                                Unit: RMB billion