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Mr. George G. Kaufman and Mr. Steven A. Seelig

immediate access to funds. In Italy, the Interbank Deposit Protection Fund also provided insured depositors with immediate access to their insured deposits. Peruvian depositors have had access to some but not all of their insured deposits in some failures the day after failure, e.g., in the most recent failure in November 1999. In other failures, however, the depositors have had to wait as long as eight months for even the initial payment. According to the Peruvian Deposit Insurance Fund, the factors that determine the speed with which insured depositors get access to