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- MOU concluded between the KDIC and the DIV to enhance the exchange of information and staff
May 28, 2010
In response to an invitation extended by the Deposit Insurance of Vietnam (DIV), Mr. Lee Seung-Woo,
Chairman & President of the KDIC, paid a visit to the DIV to meet Mr. Mai Minh De, Chairman of DIV's Board of
Directors and Mr. Bui Khac Son, General Director of the DIV on May 27 and 28. They discussed measures to
be taken to improve the deposit insurance system to effectively respond to the financial crisis, and signed a
Memorandum of Understanding (MOU) to enhance the exchange of information and staff between the two
organizations.
The KDIC singed a three-year MOU with the DIV back in October 2006 and since then, has engaged in
exchanges by dispatching specialists to conduct on-the-job training (December 2007) and transferring
experience in the operation of the deposit insurance system to DIV staff who visited Korea (November 2007 and
April 2008). To build on that successful relationship, the two sides agreed to renew the MOU.
In his congratulatory remarks at the MOU-signing ceremony and during the meeting with the DIV Chairman and
General Director, Chairman Lee mentioned the rise of a new global economic and financial order and
measures to enhance cooperation with the DIV.
He stressed that the two organizations have an important role to play in making sure that a well-functioning
deposit insurance system that is up to international standards can take hold in their respective countries.
He also said that the KDIC plans to provide a forum for substantive exchange such as short-term training
programs tailored to the needs of DIV staff so that the KIDC can share its know-how accumulated in operating
the deposit insurance system such as the experience gained in overcoming financial crises and implementing
risk based premium systems.
Emphasizing the pre-emptive role played by deposit insurers as risk advisers, he talked about what efforts are
being made at the KDIC to enhance that role.
In response to requests from the Asia Development Bank (ADB) and the government of Mongolia, the KDIC is
considering a wide set of measures to help late adopters of the deposit insurance scheme like China and
Mongolia to successfully introduce the system.
Including the MOU concluded with the DIV, the KDIC has signed MOUs with 8 organizations from 7 countries
including the Federal Deposit Insurance Corporation of the United States to build a cooperative network with
deposit insurers around the world.
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