In order to extend its strong relationship of cooperation with the Korea Deposit Insurance Corporation (KDIC) and further promote the Asia Regional Committee of the International Association of Deposit Insurers' information sharing and cooperation mechanism, the Central Deposit Insurance Corporation (CDIC) will on May 8, 2008 at 10 a.m. in the CDIC auditorium (12th Floor, No. 3, Nan-Hai Road, Taipei) sign a renewed Memorandum of Understanding (MOU) with the KDIC, in order to extend the formal bilateral relationship of cooperation. The CDIC will be represented by President Howard N.H. Wang and the KDIC by KDIC Chairman and President Dae-dong Park.
The KDIC was established on June 1, 1996 in accordance with Korea's Depositor Protection Act, and on January 1, 1997 formally commenced operations, as a public institution in Korea specializing in the handling of deposit insurance. Over the years since its establishment, the KDIC's diligent efforts in the areas of financial reform, the handling of problem financial institutions and in maintaining financial order have enabled it to have a distinguished contribution towards the stabilization of the financial system and the economic recovery in Korea.
The KDIC and CDIC formally signed a MOU in 2003. Over these past five years, they have furthered cooperation through personnel training and the exchange of information and, owing to their geographical proximity, have both been members of the Asia Regional Committee of the International Association of Deposit Insurers (IADI), with the result that they have developed a very close relationship. In recent years, the KDIC and CDIC have served as the Chairman and Vice Chairman of IADI's Research and Guidance Committee, respectively. They have together participated in various research activities and promoted the formulation of guidelines, and through their respective involvements in these areas have forged a strong, cooperative working relationship.
At the moment when IADI is celebrating its 6th anniversary and the 3rd International Week of Deposit Insurance, it is especially meaningful for the two organizations to sign the MOU. In the future, the CDIC will continue to strengthen the area of deposit insurance together with the KDIC through bilateral exchanges of information and personnel and the provision of professional expertise, with a view to establishing a firm base for financial stability in the Asian region.