Pre-Meeting Press Release
The Central Deposit Insurance Corporation (CDIC) will host an international seminar on “Global Financial Market Conditions and Challenges” on 5 September 2008 at the Taiwan Academy of Banking and Finance in Taipei. It is expected that the seminar will give the domestic financial institutions and financial supervisors a more in-depth understanding of the recent global financial turmoil and developments in the financial supervisory system. Furthermore, it will increase the awareness of risk management of the banking industry.
Global financial market has been in an instable condition since the second half of the year 2007 while struck by a series of events involving the Northern Rock Bank in the U.K., as well as Bear Stearns, Fannie Mae and Freddie Mac, and IndyMac Bank in the U.S. The recent financial turmoil has driven the governments of each country to reexamine their financial supervisory frameworks. The CDIC is one of the Taiwan's financial safety net participants and has taken on the task of planning and hosting this international seminar on “Global Financial Market Conditions and Challenges.” It is expected that by carefully studying and discussing the recent global financial turmoil as well as the measures and reforms adopted by financial supervisors and international organizations, financial institutions can understand the developments and trends of the global financial market and learn how to strengthen their risk management capabilities.
The holding of this international seminar also coincides with the celebration of the CDIC's 23rd anniversary and the hosting of the 2008 International Association of Deposit Insurers (IADI) 2nd Executive Training Program in Taipei on 1 to 4 September. The CDIC plans to invite Dr. Gordon Chen, Chairman of the Financial Supervisory Commission, to give the opening remarks, as well as Mr. Donald E. Inscoe, Secretary General of the IADI, and many other distinguished domestic and foreign financial experts to give presentations and to share their perspectives on financial supervision and risk management as well as how international financial institutions and Taiwan respond to the current global financial turmoil. In addition, CDIC also plans to hold a group discussion for all participants in order to create a platform for the financial safety net players to exchange views with experts. It is expected that, through the sharing of experiences, Taiwan's financial supervisors will obtain valuable information to help in the formulation of relevant measures in the future. Moreover, it will be useful for the financial institutions to establish a sound and comprehensive risk management mechanism that will further enhance their competitive advantages.