The Central Deposit Insurance Corporation (CDIC) held an announcement and swearing-in ceremony at 10:00 a.m. on November 14, 2011 for its newly appointed chairman, David C.Y. Sun, who assumed the post following his retirement as director-general of the Department of Financial Inspection at the Central Bank of the Republic of China (Taiwan). The ceremony was presided by the Financial Supervisory Commission Political Vice Chairperson Jih-Chu Lee.
Vice Chairperson Lee noted in her speech that deposit insurance is an indispensable part of the financial safety net. During the 26 years since its establishment in 1985, CDIC has fully realized the deposit insurance function of financial stability. It also has successfully assisted with the handling of unsound financial institutions in line with the government's financial reform policy. During the financial crisis of 2008, Taiwan led Asia in implementing blanket guarantee measures and thereby quickly stabilized the order of financial markets. Moreover, CDIC conducted various public awareness activities to ensure the smooth transition back to the limited deposit insurance system. Vice Chairperson Lee affirmed the contribution and efforts of CDIC personnel in achieving financial stability.
Outgoing Chairman Mr. Fred Chen served at the CDIC for three years and four months. During this time, he oversaw the CDIC's successful tender-sale and market removal of Asia Trust & Investment Corporation and Chinfon Bank. Vice Chairperson Lee affirmed and expressed encouragement over these achievements and wished Chairman Chen a happy retirement.
Vice Chairperson Lee also praised CDIC's new Chairman David C.Y. Sun. Chairman Sun served at the Central Bank for over 30 years. He has extensive practical knowledge about financial examination and supervision, making him well suited for the position. She hopes that Chairman Sun can apply his extensive experience at the Central Bank to lead CDIC in its dedicated efforts to establish stable financial order and protect the rights and interests of depositors.
During his tenure at the Central Bank, Chairman Sun served successively as section chief, auditor, and deputy director general of the Department of Financial Inspection, representative of the Central Bank's New York Representative Office, advisor, and director general of the Department of Financial Inspection. He is an expert in financial regulation with extensive knowledge and a well-rounded resume in financial laws and regulations and financial regulatory rules and technology.