- MOU concluded between the KDIC and the SDIF to enhance the exchange of information and staff
Dec.9, 2009
In response to an invitation extended by the Savings Deposit Insurance Fund (SDIF) of Turkey, Mr. Lee Seung-Woo, Chairman & President of the KDIC, paid a visit to the SDIF to meet President Ahmet Ertk. 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.
From their discussions it was evident that the heads of the two organizations are in agreement about the following:
(1) The pre-emptive role played by deposit insurance corporations as risk managers is important.
(2) Under the circumstances of increased international interest in the role of the deposit insurance system as a pillar of the financial safety net, both organizations expressed their strong support for the efforts of the G20 and the IADI to improve the deposit insurance system. Also, there is a need for contributions of countries such as Korea and Turkey that have experience in overcoming past financial crises to further develop the deposit insurance system and stabilize financial systems through close cooperation.
(3) There is a need to come up with measures to enable the sharing of know-how accumulated in operating the deposit system such as the experience gained in overcoming financial crises and implementing risk based premium systems through, for example, the active exchange of information and staff.
The KDIC, an Executive Council member of the International Association of Deposit Insurers (IADI), will continue to reinforce cooperation with other deposit insurers and uplift the position of Korea in the international society by sharing the experience that Korea has in successfully overcoming the financial crisis in 1997 and the recent crisis in 2009. In addition, the KDIC concurs with government？s effort to perform its role as a bridge between developed and the developing countries, acting as mediator in developing a new management system of world economy by exercising leadership as the next chair of the G-20 Summit Meeting in 2010.
On December 9th, the KDIC Chairman and President Lee Seung-woo paid a visit to the Capital Markets Board (CMB), the regulatory body of the capital market in Turkey, and discussed the Turkey？s efforts to advance the capital market especially their efforts to protect investors and prevent systemic risk and enhancement of mutual cooperation with Chairman Vedat Akgiray.
Including the MOU concluded with the SDIF, 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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