CDIC Executive Vice President Mr. Robert L.I Chen led a delegation to attend the 33rd Executive Council meeting, working meetings of the Research and Guidance Committee together with other Standing Committees as well as the Research Conference entitled “Financial Crisis:The Role of Deposit Insurance,” hosted by IADI at the Bank for International Settlements in Basel, Switzerland in the second week of June 2011.
During the meetings, IADI Chairman Mr.Martin Gruenberg highlighted IADI’s important achievements over the past years. Since the outbreak of global financial crisis in 2008-2009, IADI has been gradually recognized as one of international standard setting bodies. The “Core Principle for Effective Deposit Insurance Systems-A Methodology for Compliance Assessment” with collaborative efforts from the IADI, Europe Forum of Deposit Insurers, Basel Committee, International Monetary Fund, World Bank and European Commission was accepted by the Financial Stability Board in April 2011 as one of 12 Key Standards for Sound Financial Systems to be served as a guide assisting each country’s government to assess the effectiveness of its existing deposit insurance system. In addition, the issues related to IADI's administration were discussed and resolutions to those issues were also made.
During the meeting period,Executive Vice President Chen also discussed the current economic and financial situations, along with the deposit insurance system and mechanisms of handling failing/failed banks in Taiwan, with other Executive Council members.