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Centralbahnplatz 2             CH-4002 Basel, Switzerland  

Tel: +41 61 280 99 33             Fax: +41 61 280 95 54   

Email: Service.IADI@bis.org


Editor :

David Walker

Secretary General

Tel: +41 61 280 99 50             Fax: +41 61 280 95 54   

Email: David.Walker@iadi.org

Kim Peeters White

Deputy Secretary General        

Tel: +41 61 280 99 33                 Fax: +41 61 280 95 54            

Email: Kim.PeetersWhite@iadi.org

If you would like to subscribe to the IADI Newsletter, please send an email to webmaster@iadi.org


Welcome to the IADI's e-Newsletter

IADI is pleased to provide the latest issue of its e-Newsletter. The e-Newsletter keeps you up-to-date on information about IADI activities from January to mid-July 2019, as well as on upcoming IADI activities. 

This issue includes:

IADI welcomes eight new Members!

2019 IADI Annual General Meeting and Annual Conference

Announcements regarding Secretariat Members and invitations for Secondee positions

Highlights from the 5th IADI Biennial Research Conference “Towards Building a More Resilient Financial System
- Challenges in Deposit Insurance and Bank Resolution”

Executive Councilmembers' and Regional Chairpersons’ departures since December 2018

Key Achievements and Updates from the Council
Committees and their Technical Committees

  Update from the IADI Secretariat Research Unit and the 2019 Annual Survey
57th EXCO Meeting and International Conference in Almaty, Kazakhstan
ERC Annual Meeting and Technical Assistance Workshop in Tirana, Albania
  APRC Annual Meeting, Conference and Technical Assistance Workshop in Saint Petersburg, Russia
  Additional IADI Events, January to June 2019
  Bank for International Settlements - 2019 Annual General Meeting and Annual Report 2018/2019
  Forthcoming events
  Other Updates and Forthcoming Events
  Let me express my sincere appreciation to all IADI Members, Associates and Partners for your efforts, and support, in the furtherance of IADI’s mission over the past six months. The IADI Secretariat looks forward to contributing to the advancement of IADI in the second half of 2019.

During the first half of 2019 eight new Members joined the Association – the fastest growth of our Membership since 2003, bringing the total number of IADI Members to 91. We look forward to their active participation in IADI activities, supporting our mission of contributing to the enhancement of deposit insurance effectiveness by promoting guidance and international cooperation. You can find the Profiles of the new Members below.

We also look forward to seeing you at our meetings and events, including the 18th Annual General Meeting (AGM) and the one and a half day Annual Conference with the theme “Realizing Reforms: What has Changed in Deposit Insurance Systems since the Crisis?” which will take place in İstanbul, Turkey, from Monday 7 through Friday 11 October 2019.

The entire IADI Secretariat Team wishes you the very best of success!

     David Walker 
   Secretary General
   International Association of Deposit Insurers

   IADI Welcomes eight new Members!

During the first half of 2019 eight new Members joined the Association – the fastest growth of the Membership since 2003, bringing the total number of IADI Members to 91. Join us in welcoming the new Members (in the order of acceptance):
IADI Membership Growth 2002 - July 2019
Deposit Protection Corporation of Pakistan

The Deposit Protection Corporation (DPC) was established as a separate legal entity and a wholly owned subsidiary of the State Bank of Pakistan (SBP) under the Deposit Protection Corporation Act, 2016. The objective of the Corporation is to protect depositors and compensate them in the event of the failure of a member bank. The establishment of the DPC was envisaged as one of the important objectives in SBP's strategic plan 2016-20 under the strategic goal of "strengthening the financial system stability regime." The DPC commenced its business from 1 June 2018.
The DPC’s main functions include collecting premiums and contributions from member banks; acquiring, holding, managing and investing resources of the Corporation; receiving grants and borrowing moneys; accessing and verifying claims of depositors made against the failed bank; making payments to the depositors; recovering payments made on account of protected deposits from the assets of failed banks; and others.
All banks unless exempted or excluded by the Board of Directors shall compulsorily be member banks of the DPC. A flat premium system is in place with the eligible deposits serving as a base for premium calculation. Premiums are payable on a quarterly basis. The maximum coverage limit has been set at PKR 250,000 (approx 1,788 USD, as of 11 January 2019) per depositor per bank.
The DPC was represented in its application by Ms Lubna Farooq Malik, Managing Director of the DPC.

Ghana Deposit Protection Corporation

The Ghana Deposit Protection Corporation (GDPC) is an independent legal entity established by the Ghana Deposit Protection Act 2016 (Act 931), which was enacted on 11 October 2016, to protect the depositors from the failure of member banks and specialised deposit taking institutions. Its activities are also regulated by the Ghana Deposit Protection (Amendment) Act 2018 (Act 968).
The GDPC’s mission is to build and sustain confidence in the banking system by ensuring protection and making prompt payment to the depositor. Its main function includes determining the levels of insurance premiums and collecting insurance premiums from the members of the scheme; setting the coverage limits; paying off insured depositors; investing the money of the funds in securities approved by the Board; borrowing the money to ensure attainment of the objectives of the scheme, etc.
It is mandatory for a bank or a specialised deposit-taking institution licensed by the Bank of Ghana to be a member of the Scheme. They shall pay to the GDPC an initial premium (0.1% of the required minimum paid-up capital) and annual premium which is paid quarterly. The level of flat rate premium to be determined by the Board ranges from 0.3% to 1.5% of the total eligible deposits (Section 15 of the 2016 Act). The Act states that the Corporation shall not assess differential premiums until three years after the Act came into force (Section 16).
The Deposit Protection Fund is divided into Fund A (for banks) and Fund B (for specialised deposit-taking institutions), with separate accounts. The maximum coverage limit per depositor per bank is GHS 6,250 (approx 1,275 USD, as of 07 January 2019) and the maximum coverage limit per depositor per specialised deposit-taking institution is GHS 1,250 (approx 255 USD, as of 07 January 2019).
In its application, the GDPC was represented by Mr Ignatius Kojo Martin Wilson, Officer in Charge.

Einlagensicherung AUSTRIA Ges.m.b.H. (DGS Austria)

Einlagensicherung AUSTRIA Ges.m.b.H. (ESA or Deposit Guarantee Scheme Austria) assumed its roles and responsibilities from 1 January 2019, after more than one year of intensive preparation and coordination with the supervisory authorities, member institutions and the existing Austrian DGSs. The DGS AUSTRIA is the uniform statutory deposit guarantee scheme for all CRR credit institutions domiciled in Austria, excluding those banks that belong to the IPS of Erste Bank and Austrian savings banks which are therefore secured by S-Haftungs GmbH.
ESA is a privately administered and government legislated entity. ESA is not the outcome of a merger of the previous four DGSs, but a new company to which the Funds of the four old DGSs were transferred on 1 January 2019. Since that date, ESA took up its statutory duty as a uniform protection scheme for all Austrian banks (493 banks). The system is governed by the Austrian law “Deposit Guarantee Schemes and Investor Compensation Act (Einlagensicherungs- und Anlegerentschädigungsgesetz – ESAEG)”.
For member banks, the maximum coverage limit is EUR 100,000 per depositor per bank, in line with the relevant EU legislation. In certain cases (for example, a deposit resulting from the sale of a private residential property), the secured amount will be increased to up to EUR 500,000 per depositor and per bank. In both cases there is no deductible. Payouts are made within seven days following a bank failure (or after notification of a new account by the depositor to transfer funds).
The DGS AUSTRIA Member application was submitted by Mr. Stefan Tacke, Managing Director.

Saudi Arabian Monetary Authority - Depositors Protection Fund

The Saudi Arabian Monetary Authority (SAMA), the central bank of the Kingdom of Saudi Arabia, was established in 1952. Its mission is to maintain monetary and financial stability in the Kingdom and support balanced and sustainable economic growth through issuing and managing banknotes; conducting monetary and financial stability policies; regulating and supervising financial sectors; managing foreign exchange reserves, etc.
The Depositors Protection Fund (DPF) is an administrative unit in SAMA reporting to the Deputy Governor for Supervision. It became operational on 1 January 2016, according to the Depositors Protection Fund Rules issued on 14 April 2015. The management and oversight of DPF is provided by a governing committee appointed by the Governor of SAMA.
The DPF protects both household and corporate deposits up to SAR 200,000 (approx 53,300 USD, as of 15 January 2019) per depositor per bank. DPF participation and the associated premium payment is mandatory for all banks that conduct banking business in Saudi Arabia, including the branches of foreign banks.
The SAMA-DPF Member application was represented by Mr Fahad Alshathri, Deputy Governor for Supervision - Vice Chairman of Depositors Protection Fund Governance Committee.

Fondo de Garantía de Depósitos de Entidades de Crédito (Spanish Deposit Guarantee Fund)

The Deposit Guarantee Fund of Credit Institutions was set up by virtue of the Royal Decree Law 16/2011, of 14 October, on the creation of the Deposit Guarantee Fund of Credit Institutions. The Fund has its own legal personality and full capacity to fulfill its functions. The Spanish DGS is also regulated by the Royal Decree 2606/1996, of 20 December, of deposit guarantee funds of credit institutions.
The objective of the new Fund, which has been in operation since December 2012, is to guarantee deposits and securities held by credit institutions, up to the limit of 100,000 EUR. Besides offering these two different, but compatible guarantees, it can also carry out any such actions as it considers necessary to reinforce the solvency and functioning of credit institutions. Additionally, the FGD provides extra coverage for a period of three months in exceptional and independent cases, such as deposits from transactions with real estate of a residential and private nature; deposits derived from payments received by the depositor on time and linked to marriage, divorce, retirement, dismissal, disability or death; and deposits that are based on the payment of insurance benefits or compensation for damages that are the result of a crime or judicial error.
Membership in the DGF is mandatory for all Spanish credit institutions. The FGD is managed by a Management Committee composed of 11 members, of which five members are appointed by the associations representing the interests of the DGS member credit institutions.
In its Member application, the FGD was represented by Mr Mariano-José Herrera García-Canturri, the General Manager.

Agency of Deposit Compensation of the Republic of Belarus

The Agency of Deposit Compensation (ADC) was established on 21 November 2008 as a public institution and a non-profit organisation, which carries out its activities independently, accountable to the Council of Ministers and the National Bank. The strategic purpose of the Agency is to reimburse depositors, to accumulate funds received from banks in the form of mandatory fees to replenish the Agency’s reserve fund, and to manage the Agency’s reserve fund. The agency performs its functions on the basis of the Law of the Republic of Belarus No. 369-З July 2008 ‘On the Guaranteed Reimbursement of Funds of Individual Persons in Deposits’ and the Presidential Decree No. 22 from 4 November 2008 ‘On Guaranteed Security of Funds Placed by Individuals into Bank Accounts and/or Bank Deposits’.
The system protects deposits of natural persons, and the level of coverage is unlimited. Reimbursement is made in the currency of the deposit. Foreign currency deposits may also be reimbursed in the Belarus Rouble equivalent applying the exchange rate of the National Bank on the date of the banking license revocation. A depositor is entitled to claim reimbursement for deposits placed in his/her current (payment) accounts, charity accounts, demand deposits, time deposits, deposits in escrow, funds due under deposit certificates issued by the bank.
The Agency also administers the register of its member banks, checks the accuracy and timeliness of the quarterly premium contributions into the Agency’s reserve fund and runs the register of depositors in cases when deposits have to be compensated. At the decision of the National Bank the Agency also enters into the capacity of interim bank authority and undertakes crisis management of a failing bank in bankruptcy procedure as ruled by the High Economic Court.
The Member application was represented by Mr Valery Tsialipka, Director General.

Massachusetts Credit Union Share Insurance Corporation (United States of
America, Massachusetts)

The Massachusetts Credit Union Share Insurance Corporation (MSIC) was established in 1961, under the Share Insurance Bill of Massachusetts. MSIC began as an industry sponsored cooperative insurer, owned by its members. When created, MSIC was the first company in the nation to offer deposit insurance to credit unions. In 1986, MSIC filed legislation to allow federal credit unions to join the fund. MSIC played a critical role in Massachusetts during the banking crisis of the late eighties and early nineties. It provided several Massachusetts based credit unions with financial assistance, allowing them to continue to operate independently rather than being merged or liquidated.
To meet this crisis, MSIC invested six million dollars in its member credit unions. In addition, MSIC provided the needed staff at critical times throughout the crisis and paid members/depositors of Massachusetts Credit Unions over USD 49,000,000. During the banking crisis, Massachusetts credit unions converted to federal insurance, and MSIC converted to being solely an excess deposit insurer. As an excess insurer, MSIC now insures deposits in 81 credit unions (62 state-chartered and 19 federally chartered) across Massachusetts.
Excess Share and Deposit Insurance from MSIC provides credit unions an extra layer of deposit insurance coverage. Balances above the federal National Credit Union Administration’s (NCUA) limit, currently $250,000, carry additional deposit insurance through MSIC. The MSIC’s Board of Directors is comprised of 15directors, elected by and from the credit unions insured. These credit unions are, in effect, the owners of MSIC.
The Member application was represented by Mr Mike Hanson, President and Chief Executive Officer.

Fundo de Garantia de Depósitos, Angola

Fundo de Garantia de Depósitos (Deposit Guarantee Fund) was launched by the National Bank of Angola in June 2019. The Fund has an initial allocation of 13.8 billion kwanzas and is created under the Presidential Decree no. 195/18 of 22 August 2018. The initial target fund ratio was set at 0.23% of total eligible deposits. All banking financial institutions that are authorised to take deposits and are subject to the supervision of the National Bank of Angola must participate in the Fund and shall inform their depositors when their deposits are excluded from the guarantee.
The main purpose of the Deposit Guarantee Fund (DGF) is to guarantee the repayment of deposits, irrespective of their type, registered by natural and legal resident and non-resident persons, in national or foreign currency, made up of commercial banks authorised to collect deposits in the country, up to an individual limit of 12.5 million kwanzas. This covers an estimated 85% of the depositors in the national banking system.
In addition, the DGF may intervene in the implementation of resolution measures when requested by the National Bank. However, such intervention may not exceed the value of the deposits that would be recoverable by the Fund in case of the bank failure.
The Member application was represented by Ms Beatriz Santos, the Chairwoman of FGD.

   2019 IADI Annual General Meeting and Annual Conference

               7-11 October 2018 | İstanbul, Turkey - To be hosted by the Savings Deposit Insurance Fund of Turkey


On behalf of the International Association of Deposit Insurers (IADI), the Savings Deposit Insurance Fund (SDIF) of Turkey is pleased to host the 2019 IADI Annual Conference and 18th Annual General Meeting (AGM) events which will take place in İstanbul, Turkey, from Monday 7 through Friday 11 October 2019.

The SDIF Turkey and IADI are delighted to invite you to the 2019 events, which will include the Meetings of the IADI Technical Committees, Council Committees, and Regional Committees, the Meeting of the IADI President with Non-EXCO Members and the 60th Executive Council Meeting as well as the IADI Annual Conference and 18th Annual General Meeting of Members.

The official Event Website is www.iadi2019agm.org. Please note that for cyber-security purposes the website is protected with an Access Code. If you are interested in the event and haven’t received the Access Code via the IADI circulations, please contact the IADI Secretariat at Service.IADI@bis.org.
Annual Conference
The one and a half day Annual Conference with the theme “Realizing Reforms: What has Changed in Deposit Insurance Systems since the Crisis?” starts on Thursday 10 October and concludes at lunch on Friday 11 October 2019.

The Conference will mainly focus on the current global financial landscape along with the changes since the Crisis in the deposit insurers’ role in early warning and intervention systems, bank resolution processes, cross border issues and finally the potential impacts of Fintech developments on bank resolution and deposit insurance. High-level experts and keynote speakers from IADI Members and international organisations will participate in the event and share their invaluable knowledge and experience through five different sessions of the Conference.
Election of the Executive Council Members
We would like to draw the Members’ attention to the upcoming election for up to fifteen Executive Council positions, at the 18th IADI Annual General Meeting (AGM), taking place in Istanbul on 11 October 2019. The Annual General Meeting of Members, along with the Executive Council, are the governing bodies of IADI. All Designated Representatives of Members in good standing may stand for election to the Executive Council. Voting by Members Designated Representatives takes place by secret ballot.

As per the IADI Statutes and the inclusiveness principle, a regionally reserved position will be created if in the remaining positions on the Executive Council, due to ends of terms of Councilmembers, a Region would not continue to be represented on the Executive Council. A candidate from that region may claim a seat on the Council, subject to the vote of the Membership. Taking into account the remaining Executive Council positions whose term will expire at the 2019 AGM, for the 2019 EXCO Elections there will be a Regionally Reserved Executive Council position for each of the Africa, Eurasia and MENA Regions, included in the fifteen vacant EXCO positions.

If you wish to stand for election for any of the vacant Executive Councilmember positions, as the Designated Representative of your deposit insurance organisation, please send your completed Expression of Interest form, CV or bio, and photograph to the Secretary General David Walker at David.Walker@iadi.org by no later than 1 September 2019. Please note that all the materials related to the 2019 election of the Executive Councilmembers can be found on the Members-only webpage of the website, the 2019 AGM and related events workspace at:
 https://www.ebis.org/rooms/IADI/AGM/18AGM/Pages/default.aspx (Sign in is required).

More information on the role of the Executive Councilmembers can be found in the IADI Statutes and Bylaws as well as the IADI Code of Ethics and Conduct.

Members Designated Representatives are warmly encouraged to submit their EOI to seek a seat on the EXCO and play an important role in the governance of the Association.

The overview of Candidates and their Bios will be circulated and published on the Members Only by the Secretary General 30 days prior to the AGM, on 11 September 2019, for information to the IADI Members, leading up to the AGM.
Meeting and Conference Registration
Registration is open through Friday 13 September 2019 via the following link:

You can register online by using the password and user ID given to you to access eBIS. If you require a password and user ID, instructions on how to obtain these are provided on the registration page. If you require assistance with registration, please contact Webmaster@iadi.org.

There is only one registration form for all events. Upon registration, you will receive a confirmation e-mail as well as a message with a detailed invoice for the registration fee for your Annual Conference. Participation will only be confirmed upon receipt of full payment. Please note that you should complete your registration by no later than Friday 13 September 2019.

You are encouraged to register and book your hotel room as soon as possible to avoid any disappointment as the IADI events take place during peak tourist season.
Entry and Visa Information
Please note that some foreign nationals travelling to Turkey may require a visa. To check if you are required to apply for a visa, please check the related information in the following website: http://www.mfa.gov.tr/visa-information-for-foreigners.en.mfa

For individuals requiring an official letter of invitation for visa purposes, please fill the additional required information in your Registration Form.

SDIF and IADI look forward to welcoming you to Istanbul, and your active participation in an engaging and productive 2019 AGM and Annual Conference!

   Announcements regarding Secretariat Members and invitations for Secondee positions

New Secretariat Members

We are pleased to announce the recruitment of Mr Sangjun Lee for the newly-established Secretariat position of Financial Management and Administration Specialist (FMAS).

Mr Lee joins the IADI Secretariat from the Korea Deposit Insurance Corporation, where he had worked for more than 12 years in areas such as, Deposit Insurance Policy, Risk Management, Asset Recovery and International Affairs. He conducted research on various aspects of deposit insurance, as head of interagency coordination on joint examinations and information sharing among safety net participants. During his tenure as Senior Manager of the Asset Recovery Department at KDIC, he worked on the end-to-end recovery process for collateralised real estate. From June 2016 to August 2018, he was seconded to IADI Secretariat as Senior Policy Analyst.

As FMAS, Mr Lee will provide support to IADI under the direction of the IADI Deputy Secretary General for addressing the financial and logistical matters of IADI. This includes provision of planning and logistical support for the Executive Council Meetings, Annual General Meeting and other IADI events, such as the Bi-Annual Research Conference. In addition, technical support will be provided to the Council Committees for Audit & Risk and Training & Technical Assistance.

He will become a member of our team as per 1 September 2019, for a four-year term, and we look forward to working with him during the busy year ahead!

Teruhisa Mitsuyu joined the IADI Secretariat in July 2019 on a secondment from the Deposit Insurance Corporation of Japan (DICJ). Mr Mitsuyu started his career at the DICJ in March 2016 where he served as a senior manager in the International Department. As a member of the International Organisation Team, he participated in IADI’s various research projects as well as its operations through activities of affiliated committees. He also closely coordinated with other financial safety-net participants on matters related to international affairs.

Prior to joining the DICJ, Mr Mitsuyu had spent over 16 years working for the financial institutions in Japan including banking and securities arms of G-SIFIs. His wide range of duties included international affairs, corporate sales and wealth management.

Secondment Positions in IADI Secretariat

The Secretariat is currently inviting applications for the following secondee positons:
  - Research Analyst (two positions)
  - Policy and Communications Specialist (one position)

All three positions will be based at the IADI Secretariat in Basel, Switzerland. Please note these positions are sponsored by the Member/Associate providing a secondee, and not by the IADI. Further details may be obtained by contacting the Secretariat.

Farewell to a Departing Secondee

The Secretariat would like to express its sincere gratitude to Mr Takayuki Suzuki, of the Deposit Insurance Corporation of Japan (DICJ), whose term ended on 30 July 2019.

Mr Suzuki began at the Secretariat in July 2016. His main work was related to the Financial & Risk Management of the Association in cooperation not only with the SG, DSG but BIS Finance, ARCC, MRC and Treasurer for the EXCO and the Stakeholders. His role on financial management, etc., was handed over to Mr Sangjun Lee, newly hired as the new FMAS, and his successor as Secondee from DICJ is Mr Teruhisa Mitsuyu.

   Highlights from the 5th IADI Biennial Research Conference “Towards Building a More Resilient
   Financial System – Challenges in Deposit Insurance and Bank Resolution”

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IADI held its fifth Biennial Research Conference at the Bank for International Settlements (BIS) in Basel, Switzerland on 23 and 24 May 2019. The conference was titled “Towards Building a More Resilient Financial System – Challenges in Deposit Insurance and Bank Resolution” and was attended by over 200 participants from 75 jurisdictions. The Conference was preceded by the 58th Executive Council (EXCO) Meeting and the meetings of IADI Council, Technical and Regional Committees from 20 to 22 May.

The BIS Deputy General Manager Mr Luiz Awazu Pereira da Silva welcomed the participants to the Bank and highlighted the so-called “Basel Process” which refers to the BIS role in hosting and supporting the work of international groups – six committees and three associations, including IADI – engaged in standard setting and the pursuit of financial stability. The Basel Process is based on three key features: synergies of co-location; flexibility and openness in the exchange of information; and support from the BIS’s expertise in economics, banking and regulation.

 In his remarks, IADI Secretary General David Walker thanked the Biennial Research Conference organisers Senior Policy and Research Advisor Kumudini Hajra and Senior Research Analyst and Administrator Ryan Defina for their excellent work. He stressed that 63 research papers were received for the conference and from these the eight most relevant papers for the conference were selected. The research offered a diverse range of perspectives on issues of critical importance to deposit insurers and resolution authorities, including the impact of financial crisis on credibility and confidence in deposit insurance systems (DIS); bank re-capitalisation and risk-shifting in a crisis environment; deposit insurance pricing and its impact on interbank lending behaviour; as well as research into shadow banking, private deposit insurance, the European Deposit Insurance System and bank insolvency regimes.

                                                Click the image to enlarge
Mr Katsunori Mikuniya, IADI President and Governor of the Deposit Insurance Corporation of Japan, delivered opening remarks stating that each jurisdiction’s mechanism to respond to financial crises has been established through the actual need to deal with real financial difficulties. The more financial transactions are developed, complicated and globalised, the more new challenges are faced. An actual crisis sometimes emerges unexpectedly in a new manner. President Mikuniya emphasised that good supervision and effective resolution and DIS regimes could prevent and mitigate such impacts and play an important role in keeping the economy resilient.
In his keynote address, Mr Stijn Claessens, Head of Financial Stability Policy and Deputy Head of the Monetary and Economic Department, BIS, reviewed lessons on crisis management from earlier crisis episodes. While vulnerabilities can be reduced, crisis are likely to recur. He highlighted the need to plan ahead for such cases, including in terms of resolution, not only as regards to individual banks, but also as to the banking system as a whole.

Distinguished Guest Speaker, Mr Thomas M. Hoenig, former President and Chair of the Executive Council, IADI, and former Vice Chairman, Federal Deposit Insurance Corporation (FDIC), shared his views on the future of banking. Four main points were made. First, despite the global economy’s many challenges, it is recovering from the economic shocks of a decade ago. Financial institutions are better capitalised and those best capitalised have seen the most success. Second, memories are short and the industry and some regulatory authorities are unwisely seeking elimination of useful prudential standards. Third, regulations that create endless process and establish ever more difficult barriers to entry, encouraging further consolidation, concentration and less choice, should be repealed or amended. Finally, the public is best served by writing simple, clear rules, relying on strong accountable levels of capital so that systemic crises and bailouts are less likely to occur in the first place.

Conference attendees received presentations by the papers’ authors and discussants from Brazil, Canada, Germany, Indonesia, Italy, Japan, Nigeria, Portugal, Switzerland, the United Kingdom and the United States. The European Central Bank, the Financial Stability Board, the Financial Stability Institute and the International Monetary Fund also contributed speakers and discussants to the conference. A Panel Discussion “Deposit Insurance Fund – Uses and Safeguards” and a Regulators’ Roundtable “Perspectives on the Global Financial Safety Net” were conducted as well.

IADI is thankful to the BIS for their support of the Conference. All conference materials (proceedings, papers, presentations, keynote addresses and speaker bios) can be found here.

   Executive Councilmembers' and Regional Chairpersons’ departures since December 2018

The Association wishes to show its appreciation to the former Executive Councilmembers below, who have departed from the Executive Council (EXCO) since December 2018.
Raul Castro Montiel 
Joon Ki Kim 

Vincent Gros 

Zdzisław Sokal 

André Loes 

Violeta Arifi-Krasniqi 
Raul Castro Montiel, former Executive Secretary of Instituto para la Protección al Ahorro Bancario (IPAB), Mexico, was elected on EXCO in October 2016 and served on the Council until his departure from IPAB in December 2018. Mr Montiel and his team contributed greatly to IADI training and technical assistance activities through his chairmanship on the Training and Technical Assistances Council Committee (TTAC). He also served on the CPRC. Under his leadership, IPAB hosted the Third Americas Deposit Insurance Forum, IADI LARC, RCNA and CRC Meetings and Technical Assistance Workshop in Mexico City, Mexico, in April 2018. Mr Montiel started his work in IPAB in 2001, having served as Deputy General Director of Research in Deposit Insurance, General Director for Finance, Deputy Secretary of Bank Savings Protection, and finally, Executive Secretary.

Joon Ki Kim, former Executive Vice President of the Korea Deposit Insurance Corporation (KDIC), was first elected on EXCO in October 2018 and served on the Council until leaving the KDIC early in 2019. Mr Kim started his career at the KDIC in 1999 when in the aftermath of the Asian financial crisis, Korea had to resolve hundreds of financial institutions across all sectors of the financial services industry. At the KDIC, he particularly made his mark in the areas of failure resolution and human resources management. He was appointed Executive Director in November 2015 before being promoted to the position of Executive Vice President in February 2018.

Vincent Gros, former Member of the Executive Board of Fonds de Garantie des Dépôts et de Résolution (FGDR), France, was first elected on EXCO in October 2018. He served on the FGDR’s Executive Board since July 2017 till his departure at the end of February this year. Within IADI, Vincent was a member of the Differential Premium Systems Technical Committee, Risk Management & Internal Control Systems of DIS Technical Committee, Training & Conference Technical Committee and Technical Assistance Technical Committee.

Zdzisław Sokal, former President of the Management Board, Bank Guarantee Fund (BFG), Poland, was elected on EXCO in October 2016 and served on the Council until his term in BFG came to an end in April 2019. Within IADI, Mr Sokal served on the CPRC and the Differential Premium Systems Technical Committee. Under his leadership the BFG continued to support IADI’s survey system, both by maintaining the existing iFOST survey system, as well as participating in the Evaluation team of Vendors for the IADI Survey Data Management System (ISDMS) Project. In addition to position of the President of BFG, Mr Sokal served as an Advisor to the President of the Republic of Poland, and was a Member of the Polish Financial Supervision Authority. From 2007 to 2013 he was a Management Board Member of the National Bank of Poland.

André Loes, former Executive Director of Fundo Garantidor de Créditos (FGC), Brazil, was first elected on EXCO in October 2018 and served in this capacity until the expiration of his term in the FGC in the end of April this year. He had served as the FGC’s Executive Director since February 2016. His professional experience included, among others, positions of the HSBC’s Managing Director and Chief Economist for Latin America, and Banco Santander’s Chief Economist-Brazil and Head of Equity. Under his leadership, the FGC was one of the very first of IADI Members to perform a self-assessment against the IADI Core Principles under the IADI Members-only Self-Assessment Technical Assistance Program (SATAP).

Violeta Arifi-Krasniqi, former Managing Director of the Deposit Insurance Fund of Kosovo (DIFK), served on EXCO from October 2016 until leaving DIFK in the end of April 2019. Since the establishment of DIFK in 2011, she held the position of its Managing Director and ex-officio member of the Management Board. It was under her direction that the DIFK hosted an IADI Workshop on the Core Principles Assessment in May 2015 in Pristina, which became the first formal compliance assessment against the Revised IADI Core Principles, issued in November 2014. In IADI, Ms Arifi-Krasniqi was particularly active in the area of Training and Technical Assistance, serving with the TTAC as a Member, Vice Chairperson and finally, Acting Chairperson. She also chaired the Working group on the IADI Members’ Only Repository of knowledge materials.

We would also like to extend our deep gratitude to two former Regional Committee Chairpersons.
Noel Nunes, Senior Insurance and Planning Officer, Deposit Insurance Corporation of Trinidad and Tobago, served as Chairperson of the Caribbean Regional Committee in May 2016 – May 2019. In May 2019, the Executive Council appointed Derek Douglass, Advisor, Strategic Planning, Corporate Governance and Controls, Deposit Insurance Corporation of Trinidad and Tobago, as Chairperson of the Caribbean Regional Committee for a one-year term.
Noel Nunes

Derek Douglass
Kostyantyn Vorushylin, appointed as Chairperson of the Eurasia Regional Committee (EARC) in October 2018, left this position in July 2019 due to his departure from the Deposit Guarantee Fund of Ukraine, where he had served as Managing Director since October 2014. As the Chair of the Regional Committee he hosted the 12th IADI EARC Annual Meeting and International conference “IT Technologies for Crisis Management of Bank Resolution” in Kyiv, Ukraine in April 2019. We wish success to Ms Svitlana Rekrut who was appointed as the new Managing Director of the Deposit Guarantee Fund of Ukraine.     


  Key Achievements and Updates from the Council Committees (CCs) and their Technical Committees (TCs)

  Audit and Risk Council Committee (ARCC) - chaired by Sonja Lill Flø Myklebust, Norway
  • Appointment of Dean Cosman, Executive Vice-President of Canada Deposit Insurance Corporation, as the Vice Chairperson of the ARCC for a three-year term.

  • Review of the Audit Report on the IADI Website Relocation and Enhancement Project (Phase II) by Deloitte was completed and the IADI Secretariat has finalised its response to the report.

  • IADI Financial Statements and the Secretariat's Quarterly Reports on the Statement of Activities and Financial Position for the FY 2018/2019 from Q2 until the end of Q4 - review completed and it was approved by EXCO.

  • The IADI Audited Financial Statements and the Secretariat’s Report on the Statement of Activities and Financial Position for FY 2018/2019 – review completed and it was approved by EXCO.

  • ARCC and EXCO proceeded with the process to appoint PricewaterhouseCoopers (PwC) as the External Auditor for FY 2019/20.

  • Investment Guidelines Report (including Investment Guidelines for FY 2019/20) - review completed and it was approved by EXCO.

 Core Principles and Research Council Committee (CPRC) - chaired by William Su, Chinese Taipei
  • New Members of the Committee: Gabriel Limon (IPAB, Mexico), Thierry Dissaux (FGDR, France), Carlos Alfredo de Villemor Vianna (FGC, Brazil), Miroslaw Panek (BGF, Poland).

  • Guidelines for the Development of IADI Research, Guidance and Core Principles (prepared by the IADI Research Unit in collaboration with the CPRC) were approved by EXCO and posted on the IADI public website. These Guidelines replace the Strategic Plan document issued in June 2011, and explain the organisational structure for research at IADI and provide a methodology for:

    • preparing the Annual Policy and Research Plan (Annual Work Plan hereafter), including new guidance, research or policy paper topics/plans;

    • identifying, developing, reviewing and issuing IADI guidance, research, policy and other papers;

    • ensuring that research papers and guidance papers meet high standards of quality and consistency; and

    • Undertaking consultation with other international financial institutions (IFIs), academia and other interested parties for the development and promotion of IADI research and guidance

  • The Annual Policy and Research Plan (login to eBIS required) for the Fiscal Year 2019/2020 has been prepared by the IADI Research Unit in collaboration with the CPRC, and approved by EXCO.

  • The draft Guidance Paper on Public Policy Objectives for Deposit Insurance Systems (Public Policy Objectives Technical Committee) has been revised and has incorporated comments from CPRC, Research Unit and the Advisory Panel members.

  • The CPRC Deposit Insurance Coverage Level and Scope Technical Committee has been established, chaired by Juan Carlos Quintero (Fondo de Garantías de Instituciones Financieras, Colombia). The research seeks to address issues related to both the coverage level and its scope, including an overview of current practices; review the IADI Enhanced Guidance for Effective Deposit Insurance Systems: Deposit Insurance Coverage issued in 2013 and provide recommendations based on research findings; discuss issues related to crisis vs non-crisis increments of coverage.

  • The Islamic Deposit Insurance Technical Committee (IDITC) - chaired by Ronald Rulindo, IDIC, Indonesia - continued its drafting of the Core Principles for Islamic Finance Regulation: Effective Islamic Deposit Insurance Systems and a discussion paper on Shariah Approaches on the Resolution of Islamic Banks, jointly working with the Islamic Financial Services Board (IFSB). The 3rd IADI-IFSB Working Group Meeting was conducted on 7 March 2019 hosted by Authority Monetary Brunei Darussalam. The Core Principles for Islamic Deposit Insurance Systems have been approved by the IADI EXCO for public consultation, and displayed on the public website for that purpose. As for the discussion paper on Shariah Approaches on the Resolution of Islamic Banks, a survey has been circulated to IDITC members.

  • Other papers are at the final stage or currently in progress:

    • Research paper on Deposit Insurance and Financial Inclusion: Current Trends on Insuring Digital Stored-value Products.

    • Research paper on Purchase and Assumption Resolution Methods.

    • Research paper on Differential Premium Systems.

    • Research paper on Risk Management and Internal Control Systems of Deposit Insurance Systems.

    • Research Paper on Resolution Issues for Financial Cooperatives.

   Member Relations Council Committee (MRC) - chaired by Mohamud Ahmed Mohamud, Kenya
  • Appointment of Mohamud Ahmed Mohamud, Chief Executive Officer of the Kenya Deposit Insurance Corporation, as the Chairperson of the MRC for a two-year term.

  • Appointment of Muhiddin Gülal, Chairman and President of the Savings Deposit Insurance Fund of Turkey, as the Vice Chairperson of the MRC for a three-year term.

  • New Members of the Committee: Thierry Dissaux (FGDR, France), Antoinette McKain (Jamaica Deposit Insurance Corporation), and Malvika Sinha (DICGC, India).

  • In conjunction with the IADI Secretariat and Regional Chairpersons, the MRC participated in membership application processing (in accordance with the Updated Policy for Membership and Partner Application and Requirement).

  • Under the IADI Budgeting Policy and in line with its mandate, participated in the preparation of the finalised IADI Survey Data Management System Project and associated cost.

  • The MRC is developing a working group in order to prepare a survey on the Members’ Level of Satisfaction towards the Association; the Committee is also arranging a bi-monthly conference call with Regional Chairpersons to receive the most updated information (especially inputs from smaller DISs).

   Training and Technical Assistance Council Committee (TTAC) - Acting Chairperson Alex Kuczynski, United Kingdom
  • New Members of the Committee: Akylzhan Baimagambetov (KDIF, Kazakhstan), Shqipe Devaja (DIF of Kosovo), Gabriel Limon (IPAB, Mexico), Julia Oyet (DPF of Uganda), Seongbak Wi (KDIC, Korea).

  • The final version of the Manual for Planning and Conducting Training and Technical Assistance Workshops (TAW Manual) has been approved. The Training and Conference Technical Committee (TCTC) intends to review the Manual every one to two years and update it as necessary. Milestones for the preparation of Technical Assistance Workshops (TAWs) are tracked by the TCTC.

  • The template has been approved for the Terms of Reference for an Expert Consultancy Assignment under the Technical Assistance Program, which is to be completed by the IADI Members whose Request Form for Capacity Building Assistance, has been agreed to by the relevant Regional Chair and reviewed by the Secretariat with the TTAC.

  • Phase I of the IADI Repository for knowledge events from 2013 onwards has been successfully accomplished. The upload of materials launched in October 2018 developed significantly - knowledge materials for 25 events have been uploaded since December (more than 200 presentations). Overall, materials for 60 events are now available and can be found on eBIS under the following link (login to eBIS required). From 2019 on, all event materials are now directly submitted to the Secretariat by the hosting Member.

  • The IADI’s Self-Assessment Technical Assistance Program (SATAP): two SATAPs are being currently taken forward. Other jurisdictions have registered their interest.

  • The TTAC Annual Work Plan (login to eBIS required) for the Fiscal Year 2019/2020 has been prepared and approved by EXCO.

  • Appropriate questions for the IADI Annual Survey to identify Members’ technical assistance needs have been developed and approved. The completed Part 6 of the Annual Survey will be circulated to all Members for completion in Q4 2019 and form part of the IADI Annual Survey from 2020 onwards. This gives IADI Members the opportunity to request, or volunteer to provide, technical assistance and asks respondents to confirm the details of the technical advice required. The Annual Survey will allow the IADI Secretariat to undertake an annual review of IADI Members technical assistance requirements and record those IADI Member organisations willing to provide technical assistance.


  Update from the IADI Secretariat Research Unit and the 2019 Annual Survey

IADI published a Guidance Paper titled Deposit Insurers’ Role in Contingency Planning and System-wide Crisis Preparedness and Management” in May 2019. It was developed by a Technical Committee chaired by Kumudini Hajra, IADI Senior Policy and Research Advisor and Head of the Secretariat Research Unit. The paper provides supplementary guidance to the IADI Core Principles for Effective Deposit Insurance Systems (Core Principle 6) and a direction for the implementation and strengthening of deposit insurers’ contingency planning and crisis preparedness and management frameworks.

FSI Insights paper titled “Bank failure management – the role of deposit insurance” was published on 23 August 2019. This was a joint research initiative between the IADI Secretariat Research Unit (RU) and the Financial Stability Institute, BIS. The paper is available at the link: Bank failure management – the role of deposit insurance.

The IADI Survey Data Management System (ISDMS) Project has progressed significantly in recent months. Funding has been secured to acquire the services of Sitrox AG. The Research Unit is working with Sitrox to design and implement a new tool for collecting, storing and managing information on deposit insurance systems worldwide. Phase A is now complete, with the full project deliverables expected to be finalised before the end of 2019. Special thanks goes to Ryan Defina, Senior Research Analyst and Administrator, and Sarah Ensner, Senior Business Analyst, for their tremendous work developing the ISDMS.
The 2019 iteration of the IADI Annual Survey has just commenced, using the new tool. All IADI Members as well as non-Member DIS are encouraged to complete their survey submission by Friday 30 August 2019. This survey forms the most comprehensive source of deposit insurance information globally, and is utilised extensively for research initiatives and policy decision making. We extend our appreciation to IADI stakeholders for their continued support of this core asset.

The Research Unit has prepared its Policy Issue Review No. 3 titled “Least Cost Analysis: Review of Approaches” (slides also available) (login to eBIS required).

Papers in progress by RU staff:

  • Issues Paper on digital stored value products with the Alliance for Financial Inclusion (in draft)

  • IADI Working Paper on ‘The geographic dynamics of deposit insurance’ (in draft)

Some events attended by RU staff:

  • FSB Peer Review, South Africa (June 2019) – Kumudini Hajra as a member of the visiting delegation
  • Policy Implementation Meeting on ‘Cross-border challenges in bank supervision, failure resolution and deposit insurance’, Basel, Switzerland (April 2019) – jointly organised by the FSI and IADI
  • Alliance for Financial Inclusion Global Standards Proportionality Working Group meeting, Cairo, Egypt (March 2019) – presentation by Kumudini Hajra
  • Islamic Financial Services Board (IFSB) meeting on the New IFSB Task Force for Technical Note on Recovery and Resolution Plan of Institutions Offering Islamic Financial Services, Kuala Lumpur, Malaysia (April 2019) – attended by Ramadhian Moetomo
  • IADI APRC Technical Assistance Workshop on ensuring the deposit insurer’s compliance with Core Principles 2: Mandate and powers and 8: Coverage, St Petersburg, Russia – presentation by Kumudini Hajra
  • World Bank workshop on ‘Financial Sectors in the Era of Data and Technology’, Washington DC, USA (June 2019) – attended by Ryan Defina

Finally, the IADI Research Unit bid farewell to Mark Francome in April 2019. He brought considerable technical experience to the ISDMS Project and provided valuable counsel on IT infrastructure matters. We wish Mark great success in his future endeavours.


  57th EXCO Meeting and International Conference in Almaty, Kazakhstan

The Kazakhstan Deposit Insurance Fund (KDIF) and IADI held an International Conference “Deposit Insurance and the public: Promoting Communication, Financial Literacy and Transparency”. The conference took place in Almaty, Kazakhstan on 28 February 2019, and was preceded by the 57th Executive Council (EXCO) Meeting and the meetings of IADI Council, Technical and Regional Committees from 25 to 27 February.

The conference was attended by 140 participants from 40 jurisdictions and addressed the role of Deposit Insurance Organisations (DIOs) in promoting communication, raising financial literacy and enhancing the transparency of operations. Mr Katsunori Mikuniya, IADI President and Governor of the Deposit Insurance Corporation of Japan, made opening remarks stating that history shows us failure resolution can only be carried out efficiently with public trust. In order to earn trust from the public, it is indispensable not only to establish robust regulatory structures and operate them properly, but also to promote good communication among authorities and the public. President Mikuniya noted that from his experience in dealing with an actual financial crisis, the real world does not give deposit insurers sufficient time and resources to carry out their various objectives in an orderly manner. To make deposit insurers themselves resilient, it is critically important to promote communication, financial literacy and transparency in non-crisis times.

Mr Nurlan Abdrakhmanov, Chairman of KDIF, stated that unsolved problems in financial literacy may be revealed during the crisis period, especially in circumstances of a bank failure. On the one hand, the desire of an ordinary depositor to make the maximum of his or her investments is reasonable. On the other hand, not many people have sufficient financial knowledge. People may ignore the obvious risks and not apply simple risk management rules. Moreover, most banks do not pay enough attention to the financial knowledge and culture of their consumers. In order to create greater knowledge and enhance financial culture and behaviour, there must be general commitment by the people, banks and the government to financial literacy.
In his keynote address, IADI Secretary General David Walker stressed that financial literacy has different aspects and goals in developed economies and in the emerging markets countries. Mr Zhanat Kurmanov, Deputy Governor of the National Bank of the Republic of Kazakhstan, stated that the regulators and the deposit insurers both have the same objective of a sustainable and efficient banking system. To achieve this goal, it is critical to design a comprehensive financial architecture that rests on three pillars, namely, prudential regulation and risk-based supervision; a credible bank resolution regime; and public confidence in a sound financial system, including effective deposit insurance system.
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Conference attendees received presentations and case studies from a wide range of experts from Canada, Colombia, Indonesia, Japan, Kazakhstan, Kenya, Korea, the Philippines, Poland, Russia, Turkey, Ukraine, the United Kingdom and the United States. The Alliance for Financial Inclusion, the Financial Stability Institute and the Organisation for Economic Cooperation and Development also contributed presenters to the Conference and shared their perspectives on promoting communication, financial literacy and transparency.

All conference materials can be found in the IADI Repository of knowledge events on the Members’ Only website (login to eBIS required).

  ERC Annual Meeting and Technical Assistance Workshop in Tirana, Albania

  The Albanian Deposit Insurance Agency (ADIA) and IADI held a Technical Assistance Workshop “Dealing with Contingency Planning, Crisis Management and Failure Resolution”. The workshop took place in Tirana, Albania on 4 and 5 April 2019.

The workshop, supported by the Bank of Albania (the Bank), was attended by 70 participants from 28 jurisdictions and focused on two crucial IADI Core Principles for Effective Deposit Insurance Systems, namely CP 6 – The Deposit Insurer’s Role in Contingency Planning and Crisis Management and CP 14 – Failure Resolution.

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Before the start of the Workshop, the IADI Europe Regional Committee (ERC) held its 40th Meeting, chaired by the Executive Director of the Italian Interbank Deposit Protection Fund (FITD) and the Vice Chair of the IADI Executive Council, Mr Giuseppe Boccuzzi. The Meeting took place at the premises of the Bank of Albania in Tirana, and participants were welcomed by Mr Gent Sejko, Governor of the Bank of Albania, who introduced the country’s Banking System.
  Governor Sejko emphasised the importance of the cooperation among the financial safety-net members, and provided Albania as an  example, where the Financial Stability Advisory Group (FSAG) is mandated by law and high-level representatives of the Central Bank, Ministry of Finance, Financial Supervisory Authority and ADIA participate in its work. He commented that this was an effective forum for inter-agency cooperation.  

Opening the Workshop, Mr Genci Mamani, ADIA General Manager, stated that over the years IADI has contributed greatly to the development and enhancement of Deposit Insurance Systems (DISs) worldwide, especially for smaller DIS like the ADIA. He then outlined the recent changes in the resolution framework in Albania due to adoption of the new law, transposing the European Union’s Bank Recovery and Resolution Directive (BRRD) into the national legislation. Due to the new law, the Bank of Albania has been appointed the Resolution Authority, while the ADIA carries out the administration of the Resolution Fund.

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In her speech Ms Natasha Ahmetaj, Vice Governor of the Bank of Albania, indicated restoring and enhancing the public trust is one of the Bank’s main functions at present. In this area, the Bank’s cooperation with ADIA is crucial. The Bank of Albania has been drafting the resolution plans for systemic banks, and the ADIA has been actively involved in the drafting process. Without the deposit insurer’s view, the Vice Governor Ahmetaj stressed, no resolution plan can be considered credible.

Workshop attendees received presentations and case studies from a wide range of experts from Canada, Croatia, Greece, Italy, Kosovo, the Netherlands, Norway, Poland, Romania, Russia, Turkey, the United Kingdom and the United States, as well as the World Bank’s Financial Sector Advisory Center (FinSAC). The keynote speech was delivered by Mr Dominique Laboureix, Member of the Board – Director of Resolution Planning and Decisions, the Single Resolution Board.

The second day of the workshop featured case study roundtables on such topics as “contingency planning, crisis preparedness and management: policies and procedures at DIA Level”, “the role of DIA in failure resolution frameworks: tools and effectiveness”; “Business Continuity Plan”; and several countries’ detailed experiences.

All materials of the workshop can be found in the IADI Repository of knowledge events on the Members’ Only website (login to eBIS required).

  APRC Annual Meeting, Conference and Technical Assistance Workshop in Saint Petersburg, Russia

The State Corporation Deposit Insurance Agency of Russia (DIA) and IADI’s Asia-Pacific Regional Committee (APRC) held an International Conference on “Deposit Insurance and Bank Liquidation: Standards, Best Practices and Innovations” on 27 June 2019. The conference took place in Saint Petersburg, Russia as part of the IADI APRC 17th Annual Meeting. The Conference was attended by 124 participants from 37 jurisdictions.

The DIA General Director Mr Yury Isaev welcomed the participants to Saint Petersburg and expressed his sincere gratitude to the Bank of Russia for their support of the conference. He stressed that the experience and ideas shared at the conference will help to improve the APRC Members’ deposit protection arrangements as well as their bank liquidation and asset marketing practices. Mr Isaev noted that in order to meet the new global requirements, IADI and APRC Members should work together to promote the full implementation of the IADI Core Principles for Effective Deposit Insurance Systems in all IADI Member jurisdictions.

Mr Vasily Pozdyshev, the Deputy Governor of the Bank of Russia and Chairman of the DIA’s Strategy Committee, in his keynote speech described the pros and cons of resolution and liquidation approaches. In Russia, a vast practical experience of both methods has been accumulated over the recent years. For instance, 315 banks have been liquidated with the DIA as liquidator since 2006. And, presently 363 banks are in the process of liquidation. On a separate note, Mr Pozdyshev stressed that the deposit insurer should keep up with financial technology (FinTech) developments. If the majority of depositors deal with their bank through a mobile device, the deposit insurer should also provide remote mobile services. The Deputy Governor concluded by stating he always finds IADI conferences to be of a high professional interest, as in addition to theory, “hands-on” practical insights are shared.

Mr Katsunori Mikuniya, IADI President and Governor of the Deposit Insurance Corporation of Japan, delivered opening remarks stating that every financial system needs to adapt to reality in order to be resilient. It is to be acknowledged that the excessive risk-taking from the short-term perspective through exploiting regulatory loopholes will never disappear. Also, regulations which are too tight bring about side effects. President Mikuniya quoted an Asian saying that “too much is as bad as too little.” We should not be complacent and believe we are able to subdue excessive risk-taking completely. Not only improving systems but also adequate risk control by financial institutions and sensitive supervision by supervisors are always important. In connection with these points, the President referenced the Financial Stability Board’s (FSB) Peer Review Report titled “Thematic Review on Bank Resolution Planning", published earlier that year.

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A keynote speech “IADI Core Principles: Reimbursement of Insured Depositors – Standards, Data and New Developments” was made by Mr David Walker, IADI Secretary General. His main message was that prompt reimbursement of insured depositors is the core of deposit insurance. IADI’s 2018 Annual Survey data reveals that only around half of the deposit insurance agencies (DIAs) are able to initiate a pay out within seven working days. Secretary General Walker then described the key challenges for making rapid reimbursements.
Those include: the legal framework, early access to depositor information, IT, public awareness and expectations, safety-net coordination, cross-border challenges, and funding. Moreover, in view of the rapid development of FinTech, going forward even the seven-day payout target may turn out to be not fast enough.

Another keynote address was delivered by Ms Eva Hüpkes, Acting Head, Regulatory and Supervisory Policies, Financial Stability Board (FSB). Financial crises are costly events for society. A lesson from the past crisis was that authorities and firms need to be better prepared. Over the past 10 years and since the establishment of the FSB, we have come a long way in improving the resolvability of banks in strengthening authorities’ powers and tools to resolve failing firms in a manner that maintains the continuity of critical functions and does not expose taxpayers to the risk of loss. However, despite the very substantial progress, legal, technical and operational challenges remain and implementation across jurisdictions is not uniform. Resolvability is a continuous process – “a journey not a destination” – and continued efforts are needed to achieve and maintain crisis preparedness and to identify and address any remaining impediments to resolvability.

Conference attendees received presentations from a wide range of experts from Chinese Taipei, Croatia, Germany, Indonesia, Japan, Kenya, Korea, the Philippines, Russia, Switzerland (Financial Stability Institute), the United Kingdom and the United States. In addition, there were three panels held on: “Deposit Insurance: How to Ensure 7-day Payout”, “Bank Liquidation by Deposit Insurers: Benefits and Challenges”, and “Recoveries from Assets of Failed Banks: How to Liquidate Such Assets?”
The APRC 17th Annual Meeting was convened by Mr William Su, APRC Chairperson and President of the Central Deposit Insurance Corporation (Chinese Taipei), on 26 June 2019. Both APRC Technical Committees (on Training and Assistance and on Research) assembled as well. The Council of Heads of Deposit Insurance Agencies of the Eurasia Economic Union member countries (Armenia, Belarus, Kazakhstan, Kyrgyz Republic and Russia) used this occasion to hold their first formal meeting together. Click the image to enlarge
As part of the Annual Meeting events, a Technical Assistance Workshop was conducted on 25 June 2019. The focus of the workshop was on ensuring the deposit insurer’s compliance with Core Principles 2: Mandate and powers and 8: Coverage. Presentations and case studies were made by speakers from Chinese Taipei, the Czech Republic, IADI Secretariat, Indonesia, Kazakhstan, Kenya, Malaysia, Norway, and the United Kingdom. To promote productive interaction among expert presenters and participants, the workshop program included breakout group discussions and reporting at the end of each session. Click the image to enlarge

  Additional IADI Events, January to June 2019

Asia Pacific Regional Committee (APRC) CEO Dialogue, Taipei City, Chinese Taipei, 1 April 2019
The Central Deposit Insurance Corporation (CDIC, Chinese Taipei) held the APRC CEO Dialogue on 1 April 2019 in Taipei City, Chinese Taipei, on the theme of Global and Asia-Pacific Economic Outlook and Responses to Challenges Facing APRC Deposit Insurers. Approximately 40 participants attended the Dialogue. For the IADI APRC this was the first time CEO Dialogue was held. Taking this opportunity, the Chairmen, CEOs and high level representatives of the APRC member organisations shared the latest financial developments of their jurisdictions, challenges facing their deposit insurance systems, policy responses and measures. The APRC members gathered at this event, brainstorming possible solutions, symbolising the cooperative efforts to promote financial stability of the Asia-Pacific region. Through this Dialogue, consensus from the region could be converged.  Click the image to enlarge
Eurasia Regional Committee (EARC) 12th Annual Meeting and International Conference,
      Kyiv, Ukraine, 25-26 April 2019
The Eurasia Regional Committee hold its 12th Annual Meeting and International Conference in Kyiv, Ukraine, on 25-26 April 2019, hosted by the Deposit Guarantee Fund of Ukraine. The conference’s theme was “IT Technologies for Crisis Management of Bank Resolution”, and it was attended by over 60 participants from 15 jurisdictions. The speakers included experts from the United States Department of the Treasury’s Office of Technical Assistance (OTA), the World Bank, financial safety net participants of Ukraine. All materials can be found in the IADI Repository of knowledge events on the Members’ Only website (login to eBIS required).

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  Bank for International Settlements – 2019 Annual General Meeting and Annual Report 2018/2019

The host organisation of IADI, the Bank for International Settlements (BIS), held its 89th Annual General Meeting (AGM) on 30 June 2019 in Basel, Switzerland. IADI was represented by the Secretary General Walker who took part in one of the panel discussions.

In his speech “Time to ignite all engines” (video and text versions available) the BIS General Manager Mr Agustín Carstens spoke about the risks to the global economic outlook, the path to higher interest rates and the best way to achieve sustainable growth. At the AGM, the BIS Annual Report 2018/19 (BIS activities and financial performance) and the BIS Annual Economic Report 2019 (commentary on the global economy) were released. Click to watch highlights of the Annual Economic Report 2019, presented to BIS shareholders.

This year’s Andrew Crockett Memorial Lecture was delivered on the topic “Regulating banks in the era of fintech shadow banks” by Amit Seru, the Steven and Roberta Denning Professor of Finance at the Stanford Graduate School of Business. It was followed by the Panel discussion chaired by Jens Weidmann, Chairman of the Board, BIS and President, Deutsche Bundesbank, with the Governors of the Central Banks of Mexico, Switzerland, South Africa and People’s Republic of China as panellists. Click to watch the videos of both the lecture and the panel discussion.

For all information related to the BIS 89th AGM, click here.

  Forthcoming events

Indonesia Deposit Insurance Corporation (IDIC) 2nd International
      Seminar ‘Stay Vigilant amidst Softening Global Economic Momentum:
      Strengthening Bank Resolution Preparedness’ and Workshop on
      Crisis Simulation

21-23 August 2019 | Bali, Indonesia
Hosted by the Indonesia Deposit Insurance Corporation

6th Malaysia Deposit Insurance Corporation (MDIC) Open House
       for African Region

August 2019 | Kuala Lumpur. Malaysia
Hosted by the Malaysia Deposit Insurance Corporation

Middle East and North Africa (MENA) Regional Committee
      Regional Workshop

3rd Quarter of 2019 (TBD) | Morocco
Hosted by the Moroccan Deposit Insurance Corporation (SGFG)

59th IADI Executive Council Meeting    

2-3 September 2019
Bank for International Settlements, Basel, Switzerland

Financial Stability Institute (FSI) and IADI 9th Joint Conference on
     ‘Bank Resolution, Crisis Management and Deposit Insurance:
      What’s Next and How to Prepare’

4-5 September 2019
Bank for International Settlements, Basel, Switzerland

Africa Regional Committee Annual Meeting and Annual Conference
      ‘Why deposit insurance?’

15-19 September 2019 | Kampala, Uganda
Hosted by the Deposit Protection Fund of Uganda together with the Bank of Uganda

Asia Pacific Regional Committee Study Visit Program  

18-20 September 2019 | Seoul, Korea
Hosted by the Korea Deposit Insurance Corporation

18th IADI Annual General Meeting and 2019 Annual Conference ‘Realizing
      Reforms: What has Changed in Deposit Insurance Systems since the Crisis?’

7-11 October 2019 | Istanbul, Turkey
Hosted by the Savings Deposit Insurance Fund of Turkey

Korea Deposit Insurance Corporation Global Training Program (Intensive)  

4-8 November 2019 | Chungju/Seoul, Korea
Hosted by the Korea Deposit Insurance Corporation

Deposit Insurance and FinTech Symposium  

15 November 2019 (TBC) | Zurich, Switzerland
Hosted by esisuisse, EFDI and University of Zurich

Africa Regional Committee Technical Assistance Workshop
      ‘Deposit Protection – a Catalyst for Financial Stability’

18-22 November 2019 | Accra, Ghana
Hosted by the Ghana Deposit Protection Corporation


  Other Updates and Forthcoming Events

The FDIC recently released a series of podcasts featuring discussions about Crisis and Response: An FDIC History, 2008–2013, the agency’s study of the banking and financial crisis. The seven-episode series gives listeners a behind-the-scenes perspective as FDIC officials share their insights into the agency’s decision-making. You can find the podcasts and the Crisis and Response study here.
Carolyn Rogers appointed as the Secretary General of the Basel Committee on Banking Supervision (BCBS) will assume her position on 14 August 2019. Ms Rogers’ previous position was the Assistant Superintendent of Regulation at the Office of the Superintendent of Financial Institutions (OSFI) in Canada and also OSFI's representative on the Basel Committee. IADI welcomes Carolyn Rogers and also wishes the very best to her predecessor William Coen, who had served as Secretary General since 2014, having first joined the Committee in 1999.  
 IADI Advisory Panel Member, Professor Małgorzata Iwanicz-Drozdowska, has been appointed Deputy Chair of the Polish Financial Supervision Authority (KNF).  

 New FSI Connect* materials include: tutorial suites on Credit risk SA for real estate, IRB for retail exposures, Principles for financial market infrastructures, Credit risk IRB for corporates and banks, Operational risk standardised approach, Fintech innovation facilitators, new videos on Redefining the Capital Requirements for Banks’ Trading Activities and An Overview of the Insurance Core Principles from the Secretary General of the IAIS Jonathan Dixon, and others.
Converted tutorials: A number of tutorials have been converted into the new FSI Connect format. These tutorials can also be accessed through the FSI Connect apps. Click here to view the list of the converted tutorials.
Learning Path update: To reflect new and recently revised FSI Connect tutorials, 15 Learning Paths have been updated. Log on to FSI Connect to see the affected Learning Paths.

*IADI Members/Associates are eligible for up to 3 FSI-Connect accounts per organisation, for which the entire cost will be covered by the IADI budget during the subscription period. If there are no accounts yet allocated to your organisation, please contact the IADI Secretariat at webmaster@iadi.org with the details on the individual applicants. (e.g. Name, Job title, Institutional mail address, Phone number).

 Alliance for Financial Inclusion (AFI, IADI Partner) has formed partnerships with 10 deposit insurance agencies to advance peer learning on deposit insurance for electronic money (e-money) products. More details.
 The Bulgarian Deposit Insurance Fund announced its revamped website.
 The Toronto Intl. Leadership Centre for Financial Sector Supervision (IADI Partner) launches a three-year long-term program in partnership with national authorities and industry leaders in Honduras to create inclusive financial systems aimed at empowering women in developing countries. More details.
 The Norwegian Banks’ Guarantee Fund has initiated a promotional campaign to make the public aware of the deposit guarantee and of the changes resulting from the implementation of the EU DGS Directive in the Norwegian law on January 1, 2019. The campaign includes among other things an animated movie and articles in English, which can be viewed here.

The International Association of Deposit Insurers (IADI) was formed in May 2002 to enhance the effectiveness of deposit insurance systems by promoting guidance and international cooperation. Members of the IADI conduct research and produce guidance for the benefit of those jurisdictions seeking to establish or improve a deposit insurance system. Members also share their knowledge and expertise through participation in international conferences and other forums. The IADI currently represents 91 deposit insurers, 8 Associates and 14 Partners. The IADI is a non-profit organisation constituted under Swiss Law and is domiciled at the Bank for International Settlements in Basel, Switzerland.