20 foreign officials from 16 countries participate in Nov. 4-8 training program on deposit insurance and risk management at Chungju Training Center
_위성백.jpg)
President Wi Seong-bak of Korea Deposit Insurance Corp.
The Korea Deposit Insurance Corp. (KDIC) is running a special training program for foreign officials to share its knowledge and knowhow about deposit insurance and risk management, the state-run organization said.
The Nov. 4-8 program, attended by 20 officials from 16 countries, took place in Chungju, North Chungcheong Province.
Participating countries include India, Indonesia, Mongolia, Kenya, Uganda, Zimbabwe, Thailand and Albania.
The KDIC shared years of experience it gained in the midst of the Asian financial crisis in 1997, when 787 financial services firms went bankrupt. Lessons learned from a savings bank fiasco in 2011, when 31 major savings banks shut down due to financially unsound management, were also be shared.
“The training was launched in June 2017 at the request of 17 developing countries and we have since been happily offering our help,” a KDIC official said.
Lessons from a savings banks fiasco in 2011, when 31 major savings banks shut down due to financially unsound management, will also be shared.
“The training was launched in June 2017 at the request of 17 developing countries and we have since been happily offering our help,” a KDIC official said.
“Besides that, we have been offering consultations on establishing institutional frameworks and IT systems since 2010,” he added. On May 14, a lecture on the Asian emerging market growth was given, followed by one on the state-run deposit insurance system.
_충주 소재 글로벌 교육센터에서 글로벌 예금보험제도 연수를 실시.jpg)
A scene at Chungju Training Center of the Nov. 4-8 training program provided to the foreign officials from 16 countries on deposit insurance and risk management. (Photos: KDIC)
The second day program includes lectures on insurance payouts, streamlining financially troubled firms, risk monitoring and fund management.
The KDIC program has gained recognition in line with the former’s growing standing in the international stage. KDIC CEO Wi Seong-bak serves as an executive council member for the International Association of Deposit Insurers.
President Wi Seong-bak of the Korea Deposit Insurance Corporation (KDIC) paid a visit to the Indonesia Deposit Insurance Corporation (IDIC) to meet with Chairman Heru Budiargo of the Deposit Insurance Committee on Nov. 19 in response to an invitation from the IDIC.
They discussed how to improve the deposit insurance systems in their respective countries to effectively deal with the financial crisis and signed an MOU to facilitate information and staff exchange.
The MOU signing was a result of the agreement between the IDIC and KDIC made during the IDIC delegation’s visit to the KDIC in April.
It is part of the KDIC's support for the Indonesian government's initiative to create and revise laws and regulations in order to build integrated systems for supervision and deposit insurance, and ensure successful implementation of those systems in the future.
In his congratulatory remarks and the meeting with the Committee Chairman, CEO Wi mentioned the emergence of a new global economic and financial order and ways to enhance ties between Korean and Indonesian deposit insurers.
With the MOU, the KDIC plans to actively support the IDIC in its efforts to build and run an integrated deposit insurance system.
Going forward, the KDIC will continue to market Korea's financial infrastructure to emerging nations on the strength of international recognition of its experiences in overcoming financial crises and implementing an integrated deposit insurance system.
It also plans to increase support for the government's policies to build partnerships with other countries.
The establishment of the Indonesian Deposit Insurance Corporation (IDIC) was aimed to pre-vent a repeat of financial instability that occurred in the aftermath of 1997/1998 economic crisis.
