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“We live in a generation where we are transferring value from energy into a fund that will fund pensions in the future. When oil prices go up and down, nothing goes into my budget—it goes into this fund,” says Jonas Gahr Støre, prime minister of Norway. “From that fund, we can spend 3% or less of interest a year. We have not spent any money from that fund—only part of the interest. It’s meant to be there for future generations. It basically is meant to be a fund there forever.”
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Ethiopian Deposit Insurance Fund which has 97 member FIs can only cover 13.65% of total deposits according their annual report if financial institutions fail, and although the EDIF and reporter stated that 97% of accounts have deposits less than 100k, making them under full coverage by the fund, the reality is that 97% of these accounts have on average less than 3k birr, yet the 3% have an average deposit balance of 601k, of which only 100k can be covered by the fund. The fund invests the 0.3% p
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