The CDIC President Mr. Howard Wang led a delegation to attend the 32nd Executive Council, Research and Guidance Committee, Standing Committee meetings and Financial Inclusion Workshop of International Association of Deposit Insurers (IADI) held in its headquarter, Basel, Switzerland in late February 2011.
The IADI Chairman Mr. Martin Gruenberg highlighted several achievements during the previous half year, especially the completion of the “Core Principle Methodology for Effective Deposit Insurance System”. The IADI cooperated with the European Forum of Deposit Insurers, and other international standard setting bodies to develop the Core Principle Methodology, which was completed and sent to the Financial Stability Board for consideration to add to its current 12 Key Standards for Sound Financial Systems in December 2010. The Core Principle Methodology will serve as a guide to assist each country's government to assess the effectiveness of its existing deposit insurance system. In addition, the Chairman Gruenberg emphasized that the IADI will strive for becoming one of the institutions represented on the FSB in order to play a proactive role in maintaining financial stability in an international cooperation level.
During the IADI meetings, the issues related to IADI investment policy, establishment of deposit insurance database, the “Deposit Insurance Organization of the Year” award procedure, as well as annual researches and trainings were under discussion. The President Wang also exchanged opinions with other Executive Council members with regard to the current economic and financial situations and the recent developments on the deposit insurance system in Taiwan.