In order to extend its strong relationship of cooperation with the Korea Deposit Insurance Corporation (KDIC), and further promote information sharing and cooperation mechanism of the Asia Pacific Regional Committee of the International Association of Deposit Insurers (IADI), the Central Deposit Insurance Corporation (CDIC) will on March 11, 2011 at 10 a.m. in the CDIC auditorium (12th Floor, No. 3, Nan-Hai Road, Taipei) sign a renewed Memorandum of Understanding (MOU) with the KDIC, in order to extend the formal bilateral relationship of cooperation. The CDIC will be represented by its Chairman Fred S.C. Chen, and the KDIC by its Chairman and President Seung Woo Lee.
The KDIC was established on June 1, 1996 in accordance with Korea’s Depositor Protection Act, and on January 1, 1997 formally commenced operations, as a public institution in Korea specializing in the handling of deposit insurance. Over the years since its establishment, the KDIC’s diligent efforts in the areas of financial reform, the handling of problem financial institutions and in maintaining financial order have enabled it to have a distinguished contribution towards the stabilization of the financial system and the economic recovery in Korea. The KDIC and CDIC formally signed a MOU in 2003. Over the past eight years, they have furthered cooperation through the exchange of personnel and information and, owing to their geographical proximity, have both been members of the Asia Pacific Regional Committee of the IADI, with the result that they have developed a very close relationship. In recent years, the CDIC and KDIC have served as members of IADI’s Executive Council as well as of IADI’s Research and Guidance Committee. They have together participated in the promotion and formulation of the “Core Principles for Effective Deposit Insurance Systems” as well as of various research activities and guidance, and through their respective involvements in these areas have forged a strong and cooperative working relationship.
In the future, the CDIC will continue to strengthen the deposit insurance systems together with the KDIC through bilateral exchanges of information and personnel and the provision of professional expertise, with a view to establishing a firm base for financial stability in the Asian region.