In order to facilitate cross-border cooperation and the exchange of information among the Central Deposit Insurance Corporation (CDIC Taiwan) and Canada Deposit Insurance Corporation (CDIC Canada) as well as Seguro de Depósitos S.A. (SEDESA Argentina), with the aim to provide depositors protection in respective jurisdictions, two Memorandums of Understanding (MOU) have been signed on April 21, 2015 in Taipei by the representatives of CDIC Taiwan, CDIC Canada and SEDESA Argentina, to symbolize their official bilateral cooperation. The signing ceremony was chaired by CDIC Taiwan Chairman Mr. Hsien-Nung Kuei and its signing representative was President Mr. Michael M. K. Lin. The signing representatives from CDIC Canada and SEDESA Argentina were CEO Mrs. Michèle Bourque and CEO Mr. Alejandro López, respectively.
Due to the trends of financial liberalization, diversification and globalization in recent years, the occurrence of chain reactions caused by the financial problems has become an issue for national policymakers to take into consideration. Since cross-border financial problems have emerged as the focus for financial safety net players worldwide, financial supervisors in many jurisdictions have been striving for the reinforcement of international cooperation to maintain the stability of global finance. CDIC Taiwan, CDIC Canada and SEDESA Argentina are the founding members of the International Association of Deposit Insurers (IADI), so the signing of official MOU conforms to the revised IADI Core Principles for Effective Deposit Insurance Systems issued in November 2014 illustrating specifically the sharing of information and cooperation on a cross-border basis.
In the future, CDIC Taiwan will continue to cope with CDIC Canada and SEDESA Argentina on strengthening the sharing of information and professional experience to advance the respective deposit insurance systems. The cooperation on the issues of cross-border bank resolutions will also be enhanced so as to further fulfill the policy functions of protecting depositors and maintaining financial stability.