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- A Meeting Between the KDIC Chairman & President and Senior-level Delegates from Mongolia (December 14,
2011 (Wednesday))
In the morning of December 13 (Tuesday), KDIC Chairman & President, Seung-Woo Lee, had a meeting with an
11-member delegation from Mongolia to exchange opinions about the ongoing efforts in Mongolia to enact a
deposit insurance law which is currently being reviewed by the Mongolian Parliament. The delegation was
composed of 11 senior officials including four MPs (members of Parliament). At the meeting, Mr. Lee mentioned
the MOU signed by the KDIC, Mongolian Ministry of Finance and the Bank of Mongolia in June this year and
said that the KDIC is committed to providing any support necessary to ensure the early implementation of
deposit insurance in Mongolia even after the legislation is passed.
The delegation visited Korea to see firsthand how the deposit insurance scheme is being implemented in Korea
before they enact their own deposit insurance law. During the meeting with the KDIC President, the delegates
expressed deep interest in Korea’s experience since it successfully dealt with two financial crises.
Since the recent global financial crisis, the international community has put emphasis on the importance of
deposit insurance in preventing a repeat of the crisis, which resulted in a growing demand for deposit
insurance, especially among emerging nations. In response, the KDIC has undertaken projects aimed at
sharing its experience with other nations. One of the projects is to provide policy consultation and training for
working-level officials to help the Mongolian government to adopt the deposit insurance system. The project
started last year and is now about to see tangible results in the form of the soon-to-be-passed deposit
insurance law.
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