In view of the lessons learnt from the global financial crisis, as well as the fast pace of financial liberalization and globalization in recent years, enhancing cross-border cooperation has come to the fore for financial safety net participants of all jurisdictions worldwide. The Central Deposit Insurance Corporation (CDIC) and the Korea Deposit Insurance Corporation (KDIC), represented by CDIC Chairman Dr. Paul C.D. Lei and KDIC Chairman & President Dr. Bumgook Gwak, signed the renewal of the MOU in Taipei on April 11, 2017, to extend the bilateral cooperative relationship.
Formal cross-border cooperation of CDIC and KDIC started in 2003 when the MOU was first signed in Taipei. The renewed MOU deepens the two organizations’ close cooperative relations and continues strengthening the foundations for exchange and sharing of information, personnel, professional skills, and experiences. A provision governing the cross-border cooperation on failure resolution was also added to manifest a vision for the future of deposit insurance systems in cross-border cooperation and conform to the IADI Core Principles for Effective Deposit Insurance Systems.
The signing ceremony was presided over by CDIC Chairman Dr. Paul C.D. Lei. In attendance at the signing ceremony, Ms. Yen-Yi Chen, Chief Secretary of Banking Bureau of the Financial Supervisory Commission (FSC), was invited to deliver an outstanding address. Mr. Teng-Chang Wu, Auditor of Financial Inspection Department of the Central Bank (CB), attended the ceremony to witness the MOU renewal. Around 90 participants attended the ceremony. Representatives from both CDIC and KDIC shared experiences on the development of the deposit insurance systems in their respective countries and outlined their visions for cooperation in the future.
Following the MOU renewal, in order to learn and comprehend deeply the KDIC’s policy and practical experiences of integrated protection schemes (IPS), failure resolution, fund management and investment, risk monitoring and risk-based premium system, and thereby enhancing cooperation between CDIC and KDIC, CDIC held the International Training Seminar on Deposit Insurance Policies and Management on April 12 to 13, 2017, at its headquarter in Taipei. The CDIC invited senior experts from KDIC, as the speakers of this Seminar. Participants of the Seminar include representatives of Taiwan's CB and FSC, and CDIC’s employees. The speakers and participants shared their experiences, challenges faced, the importance of deposit insurance systems to financial stability, and other issues during the lively and fruitful discussions. The training seminars ended fruitfully with active discussions.
At a time of growing emphasis on cross-border cooperation, the holding of this international training seminar hosted by CDIC could help build a solid foundation to Taiwan's professional reputation in international deposit insurance community and strengthens substantive international exchanges and cooperation.
Photo of CDIC Chairman Dr. Paul C.D. Lei (right) and KDIC Chairman & President Dr. Bumgook Gwak (left) in the MOU signing ceremony on April 11, 2017.
Group photo of Chief Secretary of Banking Bureau of FSC Ms. Yen-Yi Chen (3rd from the right), Auditor of Department of Financial Inspection of the Central Bank Mr. Teng-Chang Wu (2nd from the right), CDIC Chairman Dr. Paul C.D. Lei (4th from the right), CDIC President Mr. Michael M. K. Lin (1st from the right) and KDIC Chairman & President Dr. Bumgook Gwak (3rd from the left) together with other KDIC delegates, Mr. Sungwook Youn (2nd from the left); Mr. Hyunseok Kim (1st from the left).
Group photo of CDIC Chairman Dr. Paul C.D. Lei (5th from the right), President Michael Lin (4th from the right), Executive Vice Presidents Mr. Robert Chen (3rd from the right), Mr. William Su (2nd from the right), Ms. Anita Chou (1st from the right), and KDIC speakers, consisted of Mr. Jin Young Jeong(5th from the left), Mr. Suk Man Moon(4th from the left), Mr. Jong Won Choi(3rd from the left), Ms. Jieun Jung(2nd from the left), and Ms. Ju Yong Shin (1st from the left).
Group photo of the participants in the CDIC International Training Seminar on Deposit Insurance Policies and Management.