- KDIC Attended the IADI ARC and the EXCO Meeting
Attendance at the 8th IADI ARC and the International Conference
Mr. Dong Jin Shin, executive director of the KDIC, attended the 8th IADI Asia Regional Committee (ARC) from
January 16 to 22, 2010 in Goa, India. During the ARC, Mr. Shin delivered a presentation on the current status of
the Korean economy in the aftermath of the financial crisis and the government’s exit plans. In addition to the
government’s efforts to stabilize the turmoil, the KDIC decided to include foreign currency denominated deposits
in the coverage therefore regaining the public’s confidence in the financial system. At the conference which
followed after the ARC, Mr. Jaesoon Park, the director in charge of the Department of Fund Management
delivered a presentation on the funding of the KDIC and the deposit insurance system.
Attendance at the 29th EXCO Meeting
Mr. Sung Hwan Bae, executive vice president of the KDIC, attended the 29th Executive Committee meeting of
the IADI held from February 8 to 11, 2010 in Basel, Switzerland. He also chaired the kick-off meeting of the IADI
Research and Guidance Committee’s Subcommittee on Managing the Systemic Crisis. At the meeting, the draft
work plan which includes the purpose, scope of investigation, and tentative schedule of the sub-committee’s
activities was handed out and the opinions of attendees on the future direction of the committee’s activities
were gathered. Representatives from seven deposit insurers including the FDIC(USA), the DICJ(Japan), the
AMF(Quebec, Canada), the CDIC (Taiwan), the BGF(Poland), the DIB(Tanzania), and the IPAB(Mexico)
attended the meeting.
The KDIC decided to also participate in the working groups assigned to prepare an assessment method of
BCBS and IADI’s Core Principles for effective deposit insurance systems. As such, the KDIC will express
opinions on the assessment criteria regarding ‘Early Detection and Timely Intervention and Resolution’ and
‘Reimbursing Depositors’ by March 2010.
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