The Central Deposit Insurance Corporation (CDIC) held the International Seminar on Recovery and Resolution Plans of Systemically Important Financial Institutions on November 7 to 8, 2017, at the Chang Yung-Fa Foundation International Convention Center in Taipei. This Seminar, organized by the CDIC, was supervised by the Financial Supervisory Commission (FSC). The CDIC invited experts from advanced countries in America, Europe and Asia as speakers to share their experiences in establishing Recovery and Resolution Plans (RRPs) legal frameworks and mechanisms, and experiences in implementing RRPs of their respective countries. Financial institutions’ practices and experiences in developing RRPs and topics of orderly liquidation of systemically important financial institutions (SIFIs) were also covered. From 14 countries and jurisdictions, over 150 participants including the CDIC’s partners from around the world as well as the representatives of the FSC, the Central Bank, banking industries attended this Seminar. Chairman of the FSC, Mr. Wellington L. Koo, delivered welcome remarks at this Seminar.
The Financial Stability Board (FSB) has issued the "Key Attributes of Effective Resolution Regimes for Financial Institutions" and related guidance since October 2011, setting up 12 important principles for the effective resolution of financial institutions. For the purposes of reducing the risk of triggering a systemic crisis, ensuring the stability of the financial system, avoiding the need for the Government to inject public funds to restore the normal operation of financial institutions (FIs) or orderly exit, FIs should have RRPs in place. Contents of this Seminar included views from supervisory authorities, resolution authorities and banking industries. Representatives from different countries fully exchanged their opinions and learnt from each other. Participants expressed that they benefited a lot from this event.
RRP is a new supervisory mechanism adopted by European and US banking supervisors to strengthen financial supervision and reduce the threat derived from crisis of SIFIs to the financial stability. The FSC and the CDIC can take views and lessons learnt from this Seminar as reference of their policy making.
Photo of Mr. Wellington L. KOO, Chairman of the Financial Supervisory Commission (FSC) (6th from the left), Ms. Jean CHIU, Director General of the FSC Banking Bureau (4th from the left), Ms. Michele BOURQUE, President and CEO of the Canada Deposit Insurance Corporation (5th from the left), and Mr. Paul C.D. LEI, Chairman of the CDIC (3rd from the left), Mr. Michael LIN, President of the CDIC (4th from the right), the CDIC’s three Executive Vice Presidents and other distinguished guests
Group photo of the Seminar participants