CDIC's chairman Chin-Tsair Tsay led the delegations to attend the Korean Deposit Insurance Corporation (KDIC)'s tenth anniversary and international open house held at the KDIC headquarters in Seoul, Korea on 14-16 June 2006. Representatives from members of International Association of Deposit Insurers, deposit insurance agencies, and other relevant institutions around the world participated in the event.
The event commemorated the KDIC's tenth anniversary and shed light on the significant role it has played during the recovery from the 1997 Asia financial crisis including the topics of the deposit insurance system in Korea, Korea's financial safety net, risk surveillance system of KDIC and etc. Mr. Chin-Tsair Tsay, Martin J. Gruenberg, Vice Chairman of Federal Deposit Insurance Corporation, Jean Pierre Sabourin, President of the International Association of Deposit Insurers and Mutsuo Hatano, Vice Governor of Deposit Insurance Corporation of Japan were invited to deliver the announcements of “Visioning on Deposit Insurance” respectively.
In the meantime, Mr. Chin-Tsair Tsay as well visited the Bank of Korea (BOK) and Korea Asset Management Corporation (KAMCO) to exchange the experiences on the role and corporation of financial safety net players and the disposition of non-performing loans. He met with Mr. Lee Sung-II, Senior Deputy Governor of BOK & the member of KDIC's Deposit Insurance Committee. Mr. Lee shed the light on the theme of the role of BOK after the 1997 Asia financial crisis and how it had assisted KDIC in handling the problem banks. At KAMCO, Mr. Tsay had a meaningful discussion with Mr. Kim Woo-Suk, KAMCO Chairman on disposition of NPL, the new business of KAMCO, and the measures of dealing with the credit card problems.