President Gwak Bum-gook of the KDIC met with the president of Thailand’s Deposit Protection Agency (DPA), Sorasit Soontornkes, on Oct. 6 at the KDIC building in Seoul.
The two organizations agreed to sign a memorandum of understanding (MOU) in the first quarter of next year to facilitate the exchange of personnel and information. At the meeting, CEO Gwak said he would “Support every effort to promote exchanges between the DPA and the KDIC.” He also asked President Sorasit Soontornkes to “Help Korean businesses move into Thailand so that the financial ‘Korean Wave’ could take root in Thailand.” In addition, a capacity building training was provided for staff members of the DPA to share the KDIC’s experience in deposit payouts and the resolution of failed financial institutions.
Moves to Help Deposit Protection Agency in Thailand
On June 1, the Korea Deposit Insurance Corporation (KDIC) held a ceremony and a reception under the slogan “History of Trust, Future of Innovation” commemorating the 20th anniversary of the KDIC. In the 20 years to the day since its foundation, the KDIC has played a key role in ensuring the stability of the financial system in South Korea. Each time the nation was hit with a crisis, be it the 1997 Asian financial crisis, the 2008 global financial crisis or the series of savings bank failures in 2011 and 2012, the KDIC helped to successfully contain the crisis by effectively carrying out its responsibilities in providing financial assistance, recovering funds, resolving failed financial institutions and holding to account those responsible for bank failures.
In his commemorative speech, Chairman and President Gwak Bum-gook stressed that “Now the KDIC should have expertise in risk detection and exante risk monitoring in order to fulfill its vision of becoming a deposit insurance service organization that has the best ability to ensure financial stability and preemptively respond to failure risks.” He also quoted an expression derived from Chinese that means ‘worry first, enjoy later’ and encouraged the staff to “Be the first to pay attention to potential sources of crises and be the responsible public servants who are willing to take on tough work for the country and its people.”
The KDIC unveiled a new corporate image. The new corporate image was developed using the symbol of Taeguk as a motif to provide special significance and representativeness to the KDIC as a central part of the financial safety net in South Korea.
The KDIC has built an extensive body of knowledge and experience since 2001 as it conducted the resolution and bankruptcy proceedings of nearly 490 failed financial institutions as the resolution authority.
To make full use of that knowledge, the KDIC opened the Bankruptcy and Resolution Academy with the objective of educating experts in the practical skills needed for the management of bankruptcy proceedings.
The curriculum of the academy will consist of lectures on bankruptcy law and procedure, case studies, and on-the-job training at bankruptcy estates, and focus on the practical side of the work. Those who finish the program will take an examination to determine whether they have the skills and knowledge to undertake bankruptcy proceedings and if they pass, they will be given a certificate of expertise in bankruptcy proceedings of financial institutions.
The academy is a source of high-quality human resources who will provide professionalism to the management of bankruptcy estates and help to maximize collection of dividends. This not only enhances the protection of creditors’ interests, but also contributes to the research of bankruptcy law and its practical applications through the sharing of work experience with outside stakeholders.
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