The Chairman and President of Central Deposit Insurance Corporation (CDIC), Dr. Ray B. Dawn and Mr. Johnson Chen, led other delegates to attend the International Association of Deposit Insurers (IADI) 6th Annual General Meeting and Annual Conference in Kuala Lumpur, Malaysia, from 30 October to 2 November 2007. There were over 150 international delegates from more than 50 countries and regions participating in this event. These delegates included representatives of deposit insurance agencies, financial supervisors and central banks from different countries and the Bank for International Settlements (BIS).
IADI currently has 70 members, including 48 formal members, 6 associates, 6 observers and 10 partners. During this event, the new Chair of the Executive Council and President of IADI, Mr. Martin Gruenberg, the Vice Chairman of Federal Deposit Insurance Corporation, was elected to succeed Mr. Jean Pierre Sabourin, the Chief Executive Officer of the Malaysia Deposit Insurance Corporation. CDIC has been actively participating in IADI businesses and events since it became a founding member of IADI in May 2002. CDIC President, Mr. Johnson Chen, serves as a member of the Executive Council and Governance Committee, and the Chairperson of Research and Guidance Committee of IADI. CDIC not only contributes to set up policies of IADI but also promotes the researches and issuance of deposit insurance guidance.
The theme for this 2007 IADI 6th Annual Conference was “Deposit Insurance and Consumer Protection”. This was appropriately given the increasing significance of consumer protection in the financial industry. The Conference brought together deposit insurance industry practitioners from across the globe and leading experts in financial services such as the insurance market and capital market to discuss and share experiences and views.
CDIC Chairman Ray B. Dawn was invited to share Taiwan's experience in managing bank runs. Besides that, well-known local media, the Malaysian National News Agency especially had an in depth interview with Chairman Dawn which focused on the current condition of the global economy.
The President Johnson Chen was also invited to present the IADI draft discussion paper on ”Public Awareness on Deposit Insurance Systems”, which was coordinated by CDIC. A news release for the issuance of the core principles and effective practice to improve public awareness was circulated by IADI on 30 October 2007.
This Conference not only facilitated the exchange of experiences and information of deposit insurance and consumer protection at the international level, but also has raised the international image and visibility of CDIC.
Link to presentation materials, IADI press release and the mass media report.