A study group, and subsequently a working group, were tasked in November 1999 with setting out international guidance on the design and operation of deposit insurance systems.

The final report was tabled in September 2001 under the chairmanship of Jean-Pierre Sabourin, President of the Canada Deposit Insurance Corporation (CDIC) of Canada.

The report covers:

• the goals of deposit insurance (stability of financial systems, protection of less sophisticated depositors);

• the importance of broader financial safety nets;

• mandates, powers and organisation structure of deposit insurers;

• coverage and membership issues;

• reimbursement of depositors; and

• dealing with failed or failing banks.

The FSF endorsed the report and urged its use, particularly by countries moving from implicit or blanket guarantees to a system of explicit, more limited coverage.