The former Chairman of the Central Deposit Insurance Corporation (CDIC), Mr. Chin-Tsair Tsay, retired on September 24, 2006. On September 25, 2006, CDIC’s Board of Directors appointed Mr. Ray-Beam Dawn to serve as the new Chairman and also held the handing-over ceremony between the outgoing Chairman and the incoming Chairman. Vice Minister of Finance, Mr. Richard Ruey-Tsang Lee, officiated during the ceremony.
Mr. Chin-Tsair Tsay became CDIC Chairman in August 2000 after having served as the Director General of the Central Bank of China’s Department of Treasury. In his more than six years as CDIC Chairman, he served with distinction and his contribution to financial stability is highly regarded. During this period he assisted the government in the implementation of its financial reform policies, and allowed 48 problem financial institutions to successfully withdraw from the market. In addition, his achievement in the international deposit insurance society is also recognized. Under his leadership CDIC won the “Deposit Insurance Organization of the Year” Award of 2005 from the International Association of Deposit Insurers (IADI). This has significantly enhanced Taiwan’s status in the international community, and is a reflection of Mr. Tsay’s outstanding contribution to deposit insurance during his period in office.
The newly-appointed CDIC Chairman, Mr. Ray-Beam Dawn, received a Ph.D. in economics at Vanderbilt University (USA). Before joining CDIC, he served as the Director of the Financial Research Division of the Taiwan Institute for Economic Research, Chairman of the Bank of Kaohsiung, President of the Taiwan Sugar Corporation, President of the First Financial Holding Company, Director General of Finance Bureau of Kaohsiung City Government, and Chairman of the Taiwan Tobacco and Liquor Corporation. With his abundant experience in the financial, academic and industrial circles, Central Deposit Insurance Corporation will be brought with fresh impetus. Under the excellent leadership of Chairman Dawn and with the efforts of all of the CDIC staff, the Central Deposit Insurance Corporation will continue to play a vital role in safeguarding the rights and interests of depositors and in stabilizing financial order. (Remarks by Mr. Tsay and Mr. Dawn)