To promote friendship between the R.O.C. and Korea and to perfect the mechanisms of cooperation and information sharing adopted by the Asian Regional Committee of the International Association of Deposit Insurers, the Central Deposit Insurance Corporation (CDIC) has formally established a bilateral collaborative relationship with the Korea Deposit Insurance Corporation (KDIC). The two corporations signed a Memorandum of Understanding at the CDIC auditorium on the 12th floor of 3 Nan-Hai Road in Taipei at 11 a.m. on March 25.
With the impact of the global financial crisis, the governments of many nations have once again been stressing the importance of the deposit insurance system. To enhance the effectiveness with which deposit insurance can stabilize a financial environment, and to promote information exchange and cooperation among nations with deposit insurance systems, the International Association of Deposit Insurers was established in Basel, Switzerland on May 2002. Currently 41 deposit insurance institutions, central banks and financial supervisory agencies have joined the IADI, including 26 formal member nations. The KDIC and the CDIC are both formal founding members of the association as well as partners in the world deposit insurance information network.
To promote friendship between the R.O.C. and Korea and to build mechanisms for information sharing and collaboration among member nations and thereby raising the effectiveness of deposit insurance, the CDIC and KDIC today signed a Memorandum of Understanding, which has raised the curtain on cooperation and exchange between the two deposit insurers. CDIC President Johnson C.S. Chen and KDIC Vice President Seok-Won Kim signed the memorandum, and the ceremony was hosted by Chin-Tsair Tsay, chairman of CDIC. In the future, the two corporations will formally appoint contact representatives and engage in exchanges of information and personnel. The deposit insurance systems of these two nations will surely as a result become better and more advanced.