-
- Meeting between the KDIC and the IDIC
The Indonesia Deposit Insurance Corporation delegation including the CEO of the IDIC, Mr. Firdaus
Djaelani, and the chairman of the Capital Market and Financial Institution Supervisory Agency(BAPEPAM)*,
Mr. Ahmad Fuad Rahmany, paid a visit to the KDIC on April 6, 2010.
* BAPEPAM is operated under the Ministry of Finance to supervise and regulate the non-banking sectors
(such as insurance companies and securities companies among others). The chairman of BAPEPAM serves
as an ex-officio member of the Deposit Insurance Committee.
The delegation and select members of the KDIC discussed future cooperation among financial
safety net players in the Asian region during times of financial crises, and exchanged information regarding the
reform of the deposit insurance system including the development of an integrated deposit insurance institution.
Representatives of the Korean and the Indonesian deposit insurance corporations agreed to support the efforts
to set out the ‘Core Principle for an Effective Deposit Insurance System and Assessment Methodology’* in
accordance with the recommended reform of financial regulations which was agreed upon between the G-20
nations.
* In response to the Financial Stability Board’s request to the International Deposit Insurance Corporation
(IADI) and Basel Committee on Banking Supervision (BCBS), international standards that define assessment
methodology for effective deposit insurance systems are now being drafted, and an assessment of each
country’s system will start from next year.
The meeting also recognized the need for close cooperation between financial safety net players of the two
countries, as members of G-20 within the Asian region who have long maintained a relationship of strategic
alliance, to effectively manage the instability of the regional financial market. (insecurity in or instability of?)
In order to pursue the reform of the deposit insurance system to ensure that it adequately responds to
environmental changes, the parties agreed to conclude an MOU to facilitate the exchange of staff and
information by the end of this year.
In particular, the delegates of the Indonesia Deposit Insurance Corporation have expressed their interest in the
KDIC’s operation as an integrated deposit insurance institution which has effectively responded to two past
financial crises.
※ The KDIC, as one of the integrated deposit insurance institutions - the other being the FSCS of the United
Kingdom - is an exemplary institution that insures financial institutions in the banking, insurance, and
securities sectors.
The KDIC considers this meeting as a starting point to sharing its experiences in successfully overcoming
financial crises and operating an integrated deposit insurance system with countries still busy developing a
DIS. Furthermore, as the G-20 Chair of the Summit meeting to be held in 2010, it will devote itself to aligning
with government’s efforts to act as a bridge between developed and developing countries.
|
;){kind=link}
;){kind=link}
