In order to extend its strong relationship of cooperation with the Korea Deposit Insurance Corporation (KDIC), 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) signed a renewed Memorandum of Understanding (MOU) with KDIC on March 19, 2014 in Seoul, Korea. CDIC was represented by its Chairman David C. Y. Sun and KDIC by its Chairman and President Joo Hyun Kim.
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, 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.
KDIC and CDIC formally signed a MOU in 2003. Over the past 11 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 IADI, with the result that they have developed a very close relationship. In recent years, 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 and revision 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, CDIC and KDIC will continue to strengthen the deposit insurance systems in respective countries through bilateral exchanges of information and personnel, the provision of professional expertise and the sharing of experiences, with a view to enhancing financial stability in the Asia-Pacific region.