Words from theChairmen
ChairmanHsien-NungKuei
It was my good fortune to be appointed as Chairman of the Central Deposit Insurance Corporation
(CDIC) on April 2 this year, coinciding with the 30th anniversary of the corporation's establishment.
During a more than three-decade career in public service at the Bureau of Monetary Affairs under
the Ministry of Finance, Executive Yuan, and the Banking Bureau under the Financial Supervisory
Commission, I have completed the enactment and revisionon several financial-relatedbills (including
amendments to
the Deposit Insurance Act
), established resolutionmechanisms for problem financial
institutions under the Executive Yuan's Financial Restructuring Fund, and participated in the
implementation of the blanket deposit coverage, Asia's first, and the smooth return to a
limited coverage deposit insurance mechanism. These measures helped the financial
industry to safely weather the global financial crisis and were all closely related to the
operationsof theCDIC.
After the2008 financial crisis, governmentsworldwideand international organizations
further recognized the importance of the deposit insurance systems in stabilizing
depositor confidence and maintaining financial stability. The International
Monetary Fund andWorld Bank included deposit insurance as one of the
elements in their assessments of national financial sectors; and the Financial
Stability Board included the "Core Principles for Effective Deposit Insurance
Systems" among the "Key International Standards for SoundFinancial Systems,"
further underscoring the importanceof deposit insurance systems.
Looking ahead, I fully expect the CDIC to fulfill its vision of "developing the
deposit insurance mechanism and ensuring financial stability." The CDIC
will respond to future changes in the domestic and international financial
environments by continuing to augment the deposit insurance payout special
reserves, enhance insurance risk controls, bolstermechanisms for the resolution
of problem insured institutions, actively promote the deposit insurance system,
and promote cooperation and exchanges with deposit insurance organizations
in other countries and international financial supervisory bodies. The CDIC will
also fully cooperate with government policy and assist the competent authority
to complete various financial supervision tasks to fulfill its mission of protecting
the rights and interests of depositors, maintaining an orderly credit system, and
enhancing the sounddevelopment of financial operations.
The sounddevelopment of the financial sector depends on the collectivewisdom
of the competent authorities, the CDIC and financial industry elites. Since its
establishment, theCDIC has become an indispensable part of the financial safety
net through itswidely acknowledged contributions to financial stability. Inorder to
sharewith everyone the performance and achievements of theCDIC over the past
three decades, we have published this special 30th anniversary commemorative
edition. I hope that my colleagues at the CDIC will all work together as we
advance intoanother proud30 years ahead.
Hsien-NungKuei
Chairman
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Words from theChairmen
