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- The Korea Deposit Insurance Corporation (KDIC) held a two-day international workshop
aimed at sharing experiences in operating an integrated deposit insurance system from April
21st (Thur.) to 22nd (Fri.) at the seminar room on the second floor of the KDIC building in
Seoul, Korea.
The workshop was jointly hosted by the Indonesia Deposit Insurance Corporation (IDIC)
and the Malaysia Deposit Insurance Corporation (MDIC) and the KDIC. The workshop was
attended by nearly 30 speakers and discussants including senior officials of the three deposit
insurers and a director of the U.S. Federal Deposit Insurance Corporation (FDIC). There were
five sessions where participants discussed various topics from how their respective countries
introduced an integrated deposit insurance system, to how the systems are being operated
and to the sharing of experiences in deposit insurance system implementation (e.g. fund
management, accountability investigation, insurance company failure resolution) and future
plans.
At the workshop, head delegates of each deposit insurer agreed to the following points
and discussed how to further develop the workshop:
1) In the wake of the global financial crisis, countries around the world are trying to
establish comprehensive regulation of large, complex financial institutions and
enhance protection of financial consumers in an effort to better deal with new
types of financial risks.
2) Against that background, deposit insurers are faced with the need to reorganize
their systems to respond to risks in a preemptive manner. In that regard, an
integrated deposit insurance system can be a significant alternative.
3) Participating deposit insurers agreed to strengthen working-level exchanges and
cooperate to create a subcommittee on integrated deposit insurance systems in the
IADI under its Research and Guidance Committee.
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