In order to promote the sharing of experiences and information with the Malaysia Deposit Insurance Corporation (MDIC), the Central Deposit Insurance Corporation (CDIC) will on July 8, 2011 in the CDIC auditorium sign a Memorandum of Understanding (MOU), in order to formally establish a bilateral relationship of cooperation. The CDIC will be represented by its President, Mr. Howard N.H. Wang, and the MDIC by its Chief Executive Officer, Mr. Jean Pierre Sabourin.
The Malaysia Deposit Insurance Corporation was established and formally commenced operations in 2005. Since its establishment, the MDIC has made every effort to stabilize financial conditions, deal with problem financial institutions, and tame the financial crisis. It has contributed tremendously to safeguarding the rights and interests of the general public and to maintaining financial stability. The MDIC’s Chief Executive Officer, Mr. Jean Pierre Sabourin, served as the founding President of the International Association of Deposit Insurers (IADI) and as President of the Canada Deposit Insurance Corporation. He is a leading expert in deposit insurance with a very broad international experience. After he retired from the Canada Deposit Insurance Corporation in 2005, Mr. Sabourin was asked by the Malaysian government to assist in the setting up of a deposit insurance system in Malaysia, and has since served as the MDIC’s Chief Executive Officer. Mr. Sabourin has already on several occasions been invited to visit Taipei, and has provided the CDIC with many policy recommendations related to Taiwan’s deposit insurance system.
Since becoming members of IADI and through the platform for exchanges that this organization has provided, the CDIC and the MDIC have established an amicable and mutually beneficial cooperative relationship. In addition, due to their geographical proximity, they have both been members of the Asia and Pacific Regional Committee of the IADI, and have together actively engaged in the association’s activities. As the interactions in between have increased, the two sides have forged a strong, cooperative working relationship.
In the future, the CDIC will continue to strengthen cooperation with the MDIC in the area of deposit insurance 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 Asia-Pacific region.