Jordan Deposit Insurance Corporation (JODIC) issued its annual report of the year 2015 which demonstrates the key indicators relevant to the development of deposits and depositors in the banking sector as well as JODIC's vision, mission, values, and objectives.
The report illustrates the steady growth in total deposits at the licensed banks which registered an average annual growth rate of 7.7% for the last five years, and deposits denominated in Jordanian Dinar represented 79.8% of total deposits compared to 20.2% of deposits denominated in foreign currencies. These percentages reflect the continued confidence in Jordanian Dinar as a store of value.
As per the Corporation's financial performance, there was an increase in JODIC's total assets of JD 74 million during the year 2015 compared to a year earlier to reach JD 540.5 million, noting that JODIC's investment portfolio in public debt instruments represented 97.7% of total assets by the end of the year 2015. Also, JODIC's reserves level increased to reach JD 537.2 million by the end of 2015 compared to JD 463.1 million a year earlier corresponding to a growth rate of 16%. The percentage of JODIC’s reserves to total eligible deposits ratio registered %2.76. These deposits amounted to JD 19489.8 million by the end of the year 2015.
At the legislation aspect, the amended draft of the banking law, which is currently under the Parliament’s review, granted JODIC additional mandate that will enable the Corporation to collaborate with the Central Bank of Jordan for the first time in the resolution process in order to ensure soundness and safety of financial system.
Furthermore, the annual report highlighted the JODIC's public awareness endeavors towards raising the awareness level of the target audience about the deposit insurance system and the Corporation's business nature. Also, the report illustrated the integral role of JODIC along with the Central Bank of Jordan, consisting vital pillars of the financial safety net in the Kingdom, that contributes effectively in enhancing depositors' confidence in the banking system and thus achieving financial stability