China News Service, Beijing, April 6 (Reporter Xia Bin) The People's Bank of China announced on the 6th that it, together with relevant departments, drafted the "People's Republic of China Financial Stability Law (Draft for Comment)", which is now open to the public for comments.
The draft Financial Stability Law released this time for comments clarifies the source and use of the Financial Stability Guarantee Fund.
The People's Bank of China said that in recent years, China's financial legislation work has been steadily advanced, and the formation of basic financial laws such as the People's Bank of China Law, the Commercial Bank Law, the Securities Law, and the Insurance Law is the guide, and financial administrative regulations, departmental rules and normative documents are important. A multi-level financial legal system supplemented by content and local regulations.
However, the legal system involving financial stability lacks overall design and cross-industry and cross-departmental overall arrangement. The relevant provisions are scattered, the provisions are too principled, and some important issues lack institutional norms.
It is necessary to formulate a special financial stability law and establish institutional arrangements for the prevention, resolution and disposal of financial risks, which have their own emphasis and complement each other with other financial laws.
The People's Bank of China also mentioned that preventing and defusing financial risks is the eternal theme of financial work.
Formulate the Financial Stability Law, summarize the effective experience and practices in the battle against major financial risks, improve the long-term mechanism for maintaining financial stability, and effectively maintain the national economic and financial security and social stability.
It is reported that the draft financial stability law for comments clearly states that the state establishes a financial stability guarantee fund, which is managed by the national financial stability and development overall coordination mechanism as a reserve fund to deal with major financial risks.
Specifically, the Financial Stability Guarantee Fund consists of funds raised from financial institutions, financial infrastructure and other entities, as well as other funds specified by the State Council.
When necessary, public funds such as PBOC re-lending can be used to provide liquidity support for the financial stability assurance fund, which should be repaid with disposal proceeds, proceeds, and industry charges.
The specific measures for the raising, management and use of the financial stability guarantee fund shall be formulated by the State Council.
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