In order to promote the exchange of experiences and information between Korea and Taiwan concerning the handling of the non-performing loans of financial institutions, the Central Deposit Insurance Corporation (CDIC) today at 11:00 a.m. held a signing ceremony in CDIC's auditorium (12F, No.3, Nan Hai Road, Taipei). At this ceremony, CDIC Chairman, Mr. Chin-Tsair Tsay, and Chairman & CEO of the Korea Asset Management Corporation (KAMCO), Mr. Woo-Suk Kim, together on behalf of their respective corporations signed a Memorandum of Understanding (MOU), thereby extending the formal bilateral cooperative relationship between the two organizations.
This signing ceremony was attended by Mrs. Huey-Jen Jong, the Deputy Director General of the Banking Bureau of the Financial Supervisory Commission and Mr. Rong-Jou Wang, the Chairman of the Taiwan Asset Management Corporation (TAMCO), as well as the Central Deposit Insurance Corporation's top management and many of its employees, there being a total of 60 people present. The representatives from the two organizations, in addition to delivering speeches on the process of assisting their respective governments in promoting financial reforms in the past and dealing with the non-performing loans of financial institutions, also shared the achievements of past exchanges between the two sides and have given special emphasis to further enhancing cooperation in the future.
In the future, the Central Deposit Insurance Corporation together with the Korea Asset Management Corporation will continue, by means of bilateral exchanges of information and personnel, to provide professional expertise, so that both countries will become more proficient in the management of non-performing loans, and that, through the sharing and exchange of international experiences, Taiwan's financial system will become even more professional and skillful in resolving non-performing loans.