Nigeria Deposit Insurance Corporation (NDIC) paid a working visit to Central Deposit Insurance Corporation (CDIC, Taiwan) from 5-9 January 2009 for learning the despoit insurance system (DIS) in Taiwan and the resolution skills and practices, especially focusing on the framework and operation of “Purchase and Assumption (P&A)”. The NDIC delegation was led by Mr. Adedapo Akintayo Adeleke, Deputy Director of Claims Resolution Department of NDIC; other delegates included Mr. Ayuba Nicholas Ibrahim, Assistant Director of Asset Management Department, and Mr. Rasaac Ayoade Oladimeji, Principal Manager of Claims Resolution Department. CDIC Taiwan organized intensive courses on the subjects of the legal framework of DIS in Taiwan, funding, resolution framework, P&A process, assets and liabilities valuation, conservatorship, settlement for “Good Bank” and “Bad Bank”.
NDIC was established in 1988. Like CDIC, it was also one of the members of International Association of Deposit Insurers (IADI) which is a forum for deposit insurers from around the world to gather and to share knowledge and expertise, and an international financial institution domiciled at the Bank for International Settlements in Basel, Switzerland. NDIC has been very actively participating in the IADI activities- it was one of the members in the IADI Executive Council and chaired the African Regional Committee. CDIC has remained a good relationship with NDIC.
During the visit, there were active interactions between the NDIC delegates and CDIC staff to exchange information and opinions. NDIC also shared its experiences in failure resolution including measures taken by NDIC to resolve the failed banks, pre-closing preparation, take-over and the claim process. The two parties have learnt a lot from each other and agreed to keep close cooperation in order to enhance the development of their deposit insurance systems.