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Welcome to the IADI's e-Newsletter
The International Association of Deposit Insurers (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 July
to December 2020, as well as on upcoming IADI activities.
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This issue includes:
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Let me express my sincere appreciation to all IADI Members, Associates and Partners for their efforts and support in the furtherance of IADI’s mission over
the past six months. The IADI Secretariat looks forward to further contributing to the advancement of IADI in 2021.
We also look forward to seeing you virtually during our
scheduled meetings in 2021 and hope and pray that by this time next
year we will be able to all meet again.
Happy holidays and the very best for the new year! |
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David Walker
Secretary
General
International Association of Deposit Insurers |
Season’s greetings from the IADI Secretariat
Message from David Walker, IADI Secretary General
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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 year
2020 has been a difficult year for our membership who have
experienced a profound period of adjustment in dealing with the
global Covid-19 pandemic.
IADI has faced this challenge by continuing to adapt meet
to the needs of Members, particularly in establishing a virtual work
environment for the delivery of services. The Association has
been leveraging technology to deliver training and capacity building
considering the various limitations on travel and gatherings.
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After holding our first virtual Executive Council (EXCO)
Meetings on 29 May and 12 June we have gone on to hold virtual EXCO
meetings on 14 and 15 September, 2 and 9 December and an Annual
General Meeting (AGM) and Extraordinary AGM on 8 December 2020.
For the first time in IADI’s history the Association held
elections entirely via correspondence voting during its AGM.
As a result, we are happy to congratulate the General Director of
the State Corporation “Deposit Insurance Agency” (DIA Russia), Yury
Isaev, who was elected to serve as the Association’s President and
as the Chair of its Executive Council for a two-year term. He
succeeds Katsunori Mikuniya, Governor of the Deposit Insurance
Corporation of Japan (DICJ), who served as President for a
three-year term. During his tenure, Governor Mikuniya promoted the
Association’s Strategy, including the extension of the current
Strategic Plan to 2021. He also enhanced the capacity of the IADI
Secretariat and introduced a Differentiated Fee Model (DFM) to
provide more substantial benefits to Members and facilitate the
implementation of many new programs and activities.
In terms of addressing the Strategic Goals of IADI
through the implementation of the current Business Plan, the
Secretariat has been joined by a number of additional staff members
to enhance IADI’s training and capacity building work, Core
Principles compliance assessment and in advancing the Association’s
research and policy agenda.
Other important areas where work has continued include
the Training and Technical Assistance Council Committee (TTAC),
supported by the Secretariat’s Training and Capacity Building Unit
(TCBU), which has moved further to establish a Core Curriculum for
workshops designed for differing audiences and establishing an
Expert Training Strategy. This Strategy seeks to create a structured
programme for training IADI Members interested in developing an
in-depth knowledge of the IADI Core Principles, becoming capable of
leading Self-Assessment and Technical Assistance Program (SATAP)
reviews, supporting Technical Assistance Workshops (TAW), and
supporting or participating in the IMF/World Bank FSAP reviews and
in conducting self-assessments of compliance with the Core
Principles.
In other areas, IADI’s Core Principles and Research Council
Committee (CPRC) and the Secretariat’s Research Unit (RU) have been
working in numerous areas such as the publishing of a Brief on
Depositor Preference and Implications for Deposit Insurance and a
guidance paper on Risk Management and Internal Control Systems of
Deposit Insurers. Meanwhile, the Financial Technology Technical
Committee completed its workplan and initiated the development of a
series of Policy Briefs.
With respect to IADI surveys, a major accomplishment over
the past few months was the completion of the IADI 2020 Annual
Survey on Deposit Insurance and Financial Safety-Net Frameworks.
Work was also initiated on developing options to enhance the
reporting features of the IADI Survey and Database Management System
for Members.
The IADI Strategic Planning Working Group (SPWG)
continued to work on the development of a new IADI Strategic Plan
for the FY 2021/22 to 25/26 period and to review and seek
improvements to IADI’s current DFM. The SPWG is now focusing on
constructing four pillars to help develop a strategic map for the
Association. The four pillars involve understanding IADI Member
expectations, gathering the contributions of SPWG members and IADI
Council Committees on improving the Association, analysing IADI’s
Strengths, Weaknesses, Opportunities and Threats (SWOT) and
benchmarking IADI with other standard setters. Meanwhile, the SPWG
Fee Subgroup made excellent progress on exploring modifying the
current DFM; and, looking at the possible inclusion of additional
parameters to the fee model, such as insured deposits.
Moving into the New Year, we look forward to engaging with
you at our next virtual EXCO meeting in March 2021, our 6th Biennial
IADI Research Conference to be held virtually in May 2021 and many
other events.
The entire IADI Secretariat Team wishes you the very best
of success in these challenging times and the new year ahead.
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Highlights from the 19th Annual General Meeting
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IADI held its 19th Annual General Meeting (AGM) by correspondence
in October-November 2020, and virtually held its Extraordinary General
Meeting (EGM), 65th EXCO and 65th bis EXCO Meetings on 2-9 December
2020. |
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IADI Elected Yury Isaev as its New President and Chair of the
Executive Council
 During the elections held during IADI’s
AGM, the General Director of the State Corporation “Deposit Insurance
Agency” (DIA Russia), Yury Isaev, was elected to serve as its
President and as the Chair of its Executive Council for a two-year
term. He succeeds Katsunori Mikuniya, Governor of the Deposit
Insurance Corporation of Japan (DICJ), who served as President for a
three-year term.
General Director Isaev expressed
gratitude to the Members for his election, stating,
“IADI is an essential element of the global
financial safety net and plays an important role in enhancing the
effectiveness of deposit insurance systems and in contributing to the
maintenance of financial stability around the world. I am grateful to
IADI Members for their trust and the honor to serve as President of
the Association during the next two years. We will continue our joint
work on the implementation of our Strategic Goals to ensure the
further advancement of IADI as a standard setting body and in
promoting best practices, improving collaboration with other
international financial institutions and providing quality services to
the membership.”
He went on to recognise the outgoing
IADI President, Governor Mikuniya and the
DICJ team, for their tremendous contributions and dedication over the
past three years in leading the Association and in facilitating the
achievement of IADI’s Strategic Goals. During his tenure,
Governor Mikuniya took the initiative to promote the Association’s
Strategy, including the extension of the current Strategic Plan to
2021. He also received IADI Members’ broad support to enhance the
capacity of the IADI Secretariat through the additional hiring of IADI
Secretariat staff. Further, he made efforts to introduce a
Differentiated Fee Model, giving the Association relevant resources to
be able to provide more substantial benefits to Members and
facilitating implementation of many programs and activities.
General Director Isaev concluded his
remarks by emphasising the crucial role of the Executive Council,
Council and Regional Committees, indicating that we need to improve
our governance, streamline our decision making process and ensure our
focus on the achievement of the Strategic Goals.
2020 IADI Extraordinary General Meeting of Members on 8
December 2020
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EXCO
Election Results
In addition to the election of Mr
Isaev during the AGM, the Members elected 10 Members’ Designated
Representatives to the Executive Council to fill the vacancies that
had arisen, as follows:
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Diane Ellis
Federal Deposit
Insurance Corporation
(USA) |
Gregor Frey
esisuisse
(Switzerland) |
Karen Gibbons
Financial Services
Compensation
Scheme (UK) |
Marija Hrebac
Croatian Agency for
Deposit
Insurance
and Bank Resolution |
Alejandro J. López
Seguro de
Depósitos Sociedad
Anónima
(Argentina) |
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Katsunori Mikuniya
Deposit Insurance
Corporation
of Japan |
Chantal Richer
Canada Deposit
Insurance
Corporation |
Purbaya Yudhi
Sadewa
Indonesia Deposit
Insurance Corporation |
Piotr Tomaszewski
Bank Guarantee
Fund
(Poland) |
Eloise
Williams Dunkley
Jamaica Deposit
Insurance Corporation |
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The newly elected EXCO Members shall act in the best interests of the Association, and shall
each serve for a three-year term.
The remaining Council members are:
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Patrick Déry
Autorité des marchés
financiers
(Québec, Canada) |
Mohamud Ahmed
Kenya Deposit
Insurance
Corporation |
Mu’taz Barbour
Jordan Deposit
Insurance
Corporation |
Giuseppe Boccuzzi
Interbank Deposit
Protection Fund
(Italy) |
Michel Cadelano
Fonds de Garantie
des Dépôts
et de
Résolution (France) |
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Daniel Dominioni
Corporación de
Protección del Ahorro
Bancario (Uruguay) |
Yvonne Fan
Central Deposit
Insurance
Corporation
(Chinese Taipei) |
Muhiddin Gülal
Savings Deposit
Insurance Fund
(Turkey)
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Zaher Hammuz
Palestine Deposit
Insurance Corporation |
Mariano Herrera
Fondo de Garantía de
Depósitos de Entidades
de Crédito
(Spain) |
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Daniel Lima
Fundo Garantidor de
Créditos (Brazil)
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Gabriel Limon
Instituto para la Protección
al Ahorro
Bancario
(Mexico) |
Sonja Lill Flø Myklebust
The
Norwegian Banks'
Guarantee Fund |
Seongbak Wi
Korea Deposit
Insurance Corporation |
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The following have retired from their respective positions on the EXCO since the previous edition of the
e-Newsletter. The Association thanks
them for their contributions to the leadership of IADI.
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Rafiz Azuan Abdullah
Malaysia Deposit
Insurance
Corporation |
Michelle Rolingson-Pierre
Deposit Insurance Corporation
(Trinidad and Tobago) |
Fauzi Ichsan
Indonesia Deposit
Insurance Corporation |
Nikolay Evstratenko
Deposit
Insurance Agency
(Russian Federation) |
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A link to the Press Release on the subject of the Annual General Meeting including its elections, may be found
here.
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Save the Date: October 2021 (TBD) - 20th IADI Annual General Meeting and Annual Conference
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Save the Date
The 20th IADI Annual General Meeting and Annual Conference will be hosted by the Seguro de Depósitos SA (SEDESA) in Buenos Aires, Argentina
in October 2021 (Tentative/TBD).
The schedule (date, host and venue)
is subject to change depending on the situation of Covid-19 pandemic
and related restrictions.
More details will be announced in February 2021.
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Short summary of Executive Council Meetings
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The 64th and 65th EXCO Meetings were virtually held
on 14 – 15 September and 2 December 2020, respectively.
The main agenda item of these two virtual EXCO
Meetings was the updates/reports from the Strategic Plan
Working Group (SPWG) and its Fee Subgroup. The analysis of the
SPWG survey results, and the work plan of the SPWG and the Fee
Subgroup were presented at the September EXCO Meeting.
Following the active discussion at the
monthly meetings of the SPWG and the Fee Subgroup, the
Executive Councilmembers had a lively exchange of views at the
December EXCO Meeting based on the various opinions provided
by respective group members during the past three months.
For more details about the SPWG and the
Fee Subgroup, please refer to the section on
“Update from the Strategic Planning Working Group”
described below.
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Announcements regarding Secretariat members
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New Secretariat Member
Mr Keehyun Park joined the IADI
Secretariat in August 2020 from the Korea Deposit Insurance
Corporation (KDIC).
Prior to joining the secretariat, his focus at the
KDIC was responding to the IMF’s Financial Sector Assessment
Program (FSAP) to Korea as one of the main contacts for the
crisis preparedness section. Before that, he was responsible
for managing and reviewing the adequacy of Deposit Insurance
Fund’s Reserve Ratio and liaising with the Korean government
as secondee to the Financial Services Commission to support
its deposit insurance policy making.
The KDIC’s massive mutual savings banking (MSB)
sector restructuring has been a big influence in formulating
his career. The tasks he participated in include the PCA
management and examination of failing MSBs, deposit
reimbursement to failed MSBs’ depositors, audits to their
bankruptcy estates and redeeming debts derived from the
failures.
He also cherishes the years he worked at the KDIC’s
International Affairs participating in the revision of the
Core Principles, contributing to the launch of the KDIC’s
technical assistance program and collaborating with wonderful
colleagues around the globe.
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We are pleased to announce the recruitment of Ms
Yung-Chen Carole Lin for the Secretariat position of
Core Principles and Compliance Assessment
Advisor (CPCAA).
Before joining the IADI, Ms Lin worked at the
Insurance Bureau of the Financial Supervisory Commission in
Chinese Taipei on international affairs and supervision of a
reinsurance company. Prior to this, Ms Lin
worked as a Policy Advisor in the
Secretariat of the International Association of
Insurance Supervisors (IAIS) hosted by the BIS. During the
time, she was the primary support of the Implementation and
Assessment Committee and supported a wide range of the IAIS
implementation activities and strategies, including
assessments on Insurance Core Principles and other supervisory
materials, opportunities for supervisory capacity building and
mechanism for supervisory cooperation among insurance
supervisors.
Ms Lin joined the IADI Secretariat on 1 September
2020. With her previous in-depth experience in the involvement
of a formal core principle compliance assessment programme,
she will be responsible for creating a formal approach and
developing process and procedures for an assessment framework
to monitor compliance levels of the IADI’s Core Principles.
The assessment framework will support the Association’s
research and training functions to provide Members with
information on their gaps in compliance in order to assist in
developing action plans and programmes to modernise and
upgrade their deposit insurance systems.
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We are pleased to announce the recruitment of
Mr Juan Carlos Lopez-Mora for the Secretariat
position of Technical Assistance and Capacity Building Analyst
(TACBA).
Mr Lopez-Mora joined the IADI from Fogafin, the
Deposit Guarantee Fund of Colombia, where he worked as Head of
Corporate Communications and Affairs. Here, he was responsible
for Fogafin’s institutional communications, along with the
foreign affairs initiatives, where he led the participation in
international forums and technical committees related to
deposit insurance, including the IADI.
With his experience in the development of previous
technical assistance and capacity building activities, he will
be responsible for creating a strategy to address the requests
raised by IADI Members and support them during the
implementation process. With this, IADI aims to support its
Members to strengthen its capacities and close the existing
gaps with the compliance of the Core Principles.
Mr Lopez-Mora holds a Master in Business
Administration from Carleton University, Ottawa, Canada, and a
Professional Degree in Finance and International Affairs from
Universidad Externado, Bogota, Colombia.
He became part of the IADI Secretariat team since
14 October 2020, for a three-year term.
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We are pleased to announce the recruitment of
Mr Taurai Togarepi for the Secretariat position of
Training Assistance Analyst (TAA).
Mr Togarepi was appointed the TAA and joined the IADI
Secretariat team on 14 October 2020. Mr Togarepi was with the
Deposit Protection Corporation of Zimbabwe since February
2013. He worked in the Business Operations Department before
he was promoted to be Manager in charge of Policy, Research
and International Affairs in the Chief Executive’s Office in
January 2016. Before joining the Deposit Protection
Corporation, Mr Togarepi worked in the banking sector.
His duties included providing policy advice on
financial system, planning and coordinating all international
activities. Mr Togarepi has been active on most IADI
activities including being a member of the IADI Capacity
Building Technical Committee, member of the Core Principles
Practioner’s Working Group and Working Group member for
Promoting Self-Assessments.
He also worked extensively on IADI’s initiatives as
support staff to the former IADI Treasurer and Africa Regional
Committee Chairperson. He was the Working Group Coordinator
for various workshops and conferences held in the Africa
Regional Committee including Zimbabwe, Nigeria, Ghana, Uganda
and Tanzania-Zanzibar.
Mr Togarepi in his new role will be responsible for
assisting the Senior Training and Technical Assistance Advisor
(STTAA) to support the Association’s training functions to
provide Member’s with training support to modernise and
upgrade their deposit insurance systems. This includes
supporting the STTAA’s work on IADI’s Self-Assessment and
Technical Assistance Program (SATAP) and working closely with
the Financial Stability Institute (FSI) to conduct
conferences, meetings and other joint training initiatives on
deposit insurance and bank resolution issues and expanding
other elements of IADI’s existing training. In addition, he
will help undertake the implementation of the core curriculum
and a programme for addressing the IADI Core Principles for
compliance gaps in Member systems.
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Farewell to former Secretariat member
Ms Myeonghee Song finished her
secondment to the IADI Secretariat and returned to the Korea
Deposit Insurance Corporation (KDIC) in August 2020. Myeonghee
joined the Secretariat in April 2018 as the Senior Policy
Analyst. Among her diverse responsibilities, Myeonghee played
a key role especially in organising and coordinating numerous
IADI events with high level of expertise and versatility in
dealing with many professional BIS in-house applications such
as CEM Portal and eBIS. More recently, in response to the
extraordinary circumstances related to Covid-19, she played a
leading role in developing a procedure for organising IADI’s
official meetings in a virtual form (Webex), in close
conjunction with the BIS.
She was also responsible for the management of IADI
public website, Members-only site and FSI-Connect e-learning
module, providing technical assistance and guidance through
active communication with IADI Members.
Mr Keehyun Park, also of the KDIC, has taken over her
role to continue these critical activities of the Secretariat
and Association.
We wish to thank Myeonghee for her great efforts
and wish her the very best in her future endeavours.
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Executive Council approval of new/renewed Chairpersons for
the Council and Regional Committees
Update from the
Strategic Planning Working
Group
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Since July 2020, the Strategic Planning Working
Group (SPWG), and the Fee Subgroup reporting to it, achieved important
steps towards completing their respective mandates.1
1 The mandate of the SPWG will be to conduct
analysis and make recommendations in two specific areas:
Mandate A
i. Strategic Goals, activities and
deliverables for the next strategic planning cycle (i.e. 2022-26), and
ii. Organisational capacity, internal processes,
human and financial resources needed to accomplish the new Strategic
Plan.
Mandate B
i.
Review the current DFM in consideration of other criteria which could
be utilised to differentiate Members into appropriate annual
fee
categories.
The Fee Subgroup reporting to the SPWG is responsible
for providing possible annual fee options to the SPWG (focusing on
Mandate B)
As planned, compositions of the SPWG and the Fee
Subgroup were finalised by an EOI process. Regional balance, mandate,
size and current annual fee level are well represented into both
groups. Mr Patrick Déry (Autorité des marchés financiers (AMF),
Québec, Canada), the SPWG Leader, nominated Mr Julien Reid (AMF,
Québec, Canada) to act as Project Manager for the SPWG and the Fee
Subgroup (Ref. Figure 1 and Figure 2). Also, Mr Déry nominated Mr
Carlos Colao (Fondo de GarantÌa de Depósitos de Entitades de Crédito
(FGD), Spain) to act as Fee Subgroup Leader.
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SPWG Leader |
Project Manager for the
SPWG |
Fee Subgroup Leader |
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Patrick Déry
Autorité des
marchés
financiers
(Québec,
Canada) |
Julien Reid
Autorité des marchés
financiers
(Québec,
Canada) |
Carlos Colao
Fondo de Garantía de
Depósitos de Entidades
de Crédito
(Spain) |
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The SPWG and the Fee Subgroup held monthly
meetings with their respective groups in the past few months. These
meetings were followed by Reaching out and Debriefing Sessions
accessible to all IADI Members. The aim of those sessions is for the
SPWG Leader and the Fee Subgroup Leader to present and explain the
work accomplished as well as the work to come in order to ensure
transparency and uniformity in the message among IADI Members. It is
also an opportunity for Members to give their views on the addressed
topics.
Work accomplished by the SPWG
During the last few months, the SPWG
worked on four pillars to be used to develop a strategic map, which
will serve as the basis for the next Strategic Plan 2022-2026.
Members’ expectations, the first pillar,
originate mainly from the results of a Survey on IADI Member’s View of
its Strategic Goals and Differentiated Fee Model. This survey obtained
one of the highest levels of Member engagement for an IADI survey,
with a response rate of 73%. According to the Survey, the Strategic
Plan 2022-2026 should be in continuity of the current Strategic Plan.
Also, the current fee model should be maintained with some
improvements.
The second pillar is the contribution of SPWG
members and Council Committees. They were invited to brainstorm on the
following three strategic questions: (1) What should we continue?, (2)
What should we do more?, and (3) What should we drop?
The SWOT analysis, which consists of addressing
strengths, weaknesses, opportunities and threats of the IADI, is the
third pillar. This analysis was developed based on inputs from 32
respondents.
The fourth pillar is the benchmarking with other
standard setters, namely IAIS and IOSCO. This exercise highlighted the
need to add a new goal in the next strategic plan that could be
written as follow “Enhancing IADI’s governance to operate efficiently
and transparently”. 95% of SPWG members agreed to present this
recommendation to the EXCO.
Lastly, SPWG members
used those four pillars to build their respective Strategic Map. All
Maps are going to be analysed
to articulate the broadest consensus in terms of activities to follow
in coming years and will be discussed during the next SPWG Monthly
Meeting to be held on 16 December 2020.
Work accomplished by the Fee
Subgroup
During the last few months, the Fee Subgroup
worked on developing fee model options taking into account: a) the
views expressed by the Members in the SPWG kick off survey (which
mainly supported the current fee model with some improvements); b)
direct input received by its Members under the light of the basic
principles: simplicity, transparency, fairness and sustainability,
and; c) the results of the benchmark analysis with other standard
setters.
In this respect, the SPWG approved two major
working lines proposed by the Fee Subgroup, which are currently being
carried out. A first one, focused on making some modifications to the
current fee model (GDP and GDP per capita); and, a second one, based
on variations of the current fee model with the inclusion of
parameters such as DIS covered deposits. Moreover, the Fee Subgroup
continues to gather comments from Members for the potential inclusion
and validation of other parameters.
Next Steps
In coming months, both groups will continue to
work hard to consolidate ideas into proposals for the development of
the new Strategic Plan 2022-2026 and for the revised Fee Model. These
proposals will be submitted to EXCO for approval during the 66th EXCO
Meeting. The approved proposals will be used as pillars for
establishing the next Strategic Plan to be submitted at the AGM in
2021.
Figure 1:
SPWG's composition (22 members)
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Member |
DIO and
jurisdiction |
Regional
Committee |
| Ex Officio |
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| 1. Patrick Déry (Leader) |
AMF (Québec-Canada) |
RCNA |
| 2. Sonja Lill Flø Myklebust |
NBGF (Norway) |
ERC |
| 3. Yvonne Fan |
CDIC (Chinese Taipei) |
APRC |
| 4. Mohamud Ahmed |
KDIC (Kenya) |
ARC |
| 5. Diane Ellis |
FDIC (USA) |
RCNA |
| 6. Umaru Ibrahim |
NDIC (Nigeria) |
ARC |
| 7. Seongbak Wi |
KDIC (Korea) |
APRC |
| 8. Eloise Williams Dunkley |
JDIC (Jamaica) |
CRC |
| 9. Giuseppe Boccuzzi |
FITD (Italy) |
ERC |
| 10. Svitlana Rekrut |
DGF (Ukraine) |
EARC |
| 11. Hugo Libonatti |
COPAB (Uruguay) |
LARC |
| 12. Zaher Hammuz |
PDIC (Palestine) |
MENA |
| 13. Chantal Richer |
CDIC (Canada) |
RCNA |
| Via EOI |
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| 14. Nikolay Evstratenko |
DIA (Russian Federation) |
APRC, EARC, ERC |
| 15. Vusilizwe Vuma |
DPC (Zimbabwe) |
ARC |
| 16. Carlos Colao |
FGD (Spain) |
ERC, LARC |
| 17. Sven Stevenson |
DNB (The Netherlands) |
ERC |
| 18. Thi Thanh Binh Phan |
DIV (Vietnam) |
APRC |
| 19. Lana Soelistianingsih |
IDIC (Indonesia) |
APRC |
| 20. Piotr Tomaszewski |
BFG (Poland) |
ERC |
| 21. Alejandro
J. López |
SEDESA (Argentina) |
LARC |
| 22. Mohamed Mahraoui |
MDUC (Morocco) |
ARC, MENA |
| Project
Manager |
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Julien Reid |
AMF
(Québec-Canada) |
RCNA |
Figure 2:
Fee Subgroup's composition (19 members)
|
Member |
DIO and
jurisdiction |
Regional
Committee |
|
Via EOI |
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| 1. Carlos
Colao (Leader) |
FGD (Spain) |
ERC, LARC |
|
Ex Officio |
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| 2.
Abdulrasheed Abdulraheem1) |
NDIC (Nigeria) |
ARC |
| 3. Jose Villaret Jr.2) |
PDIC (The Philippines) |
APRC |
| 4. Eloise Williams Dunkley |
JDIC (Jamaica) |
CRC |
| 5. Gregor Frey3) |
esisuisse (Switzerland) |
ERC |
| 6. Natalia Rudukha4) |
DGF (Ukraine) |
EARC |
| 7. Hugo Libonatti |
COPAB (Uruguay) |
LARC |
| 8. Zaher Hammuz |
PDIC (Palestine) |
MENA |
| 9. Rishanthi Pattiarachchi5) |
CDIC (Canada) |
RCNA |
|
Via EOI |
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| 10. Michel Cadelano |
FGDR (France) |
ERC |
| 11. Vusilizwe Vuma |
DPC (Zimbabwe) |
ARC |
| 12. Rose Kushmeider |
FDIC (USA) |
RCNA |
| 13. Maarten Lombaert |
Belgian DGS (Belgium) |
ERC |
| 14. Cristina Olmedo |
COSEDE (Ecuador) |
LARC |
| 15. Suleyman
Alharahsheh |
JODIC (Jordan) |
MENA |
| 16. Elif Kosoglu |
SDIF (Turkey) |
EARC, ERC, MENA |
| 17. Artur Radomski |
BFG (Poland) |
ERC |
| 18. Alejandro
J. López |
SEDESA (Argentina) |
LARC |
| 19. Vincente Vargas Gonzalez |
IPAB (Mexico) |
LARC, MENA |
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Observer
Advisory Panel |
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| Jean Roy |
HEC Montréal (Québec-Canada) |
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| Project
Manager |
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Julien Reid |
AMF
(Québec-Canada) |
RCNA |
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- 1)
Delegation from Mr Umaru Ibrahim, NDIC
(Nigeria), in his capacity as Chair of the ARC
- 2) Delegation from Mr
Seongbak Wi, KDIC (Korea), in his capacity as Chair of the APRC
- 3) Delegation from Mr
Giuseppe Boccuzzi, FITD (Italy), in
his capacity as Chair of the ERC
- 4) Delegation from Ms Svitlana
Rekrut, DGF (Ukraine), in her capacity
as Chair of the EARC
- 5)
Delegation from Ms Chantal Richer, CDIC (Canada), in her
capacity as Vice Chair of the RCNA
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Key
achievements and updates from the
Council Committees and their Technical
Committees
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Audit and Risk Council Committee (ARCC) - chaired by
Sonja Lill Flø Myklebust, Norway |
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Audited Financial Statements for FY 2019/20: Approved at the AGM held by correspondence in November 2020, and ratified at the EGM held on 8 December 2020.
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Secretariat Report on the Financial Statements for FY 2020/21 Q1 and Q2: Review completed and the report was approved by EXCO.
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Appointment of External Auditor for FY 2020/21 ending 31 March 2021: Recommended to EXCO that AGM appoint PricewaterhouseCoopers (PwC) as External Auditor and it was approved at the AGM held by correspondence in November 2020, and ratified at the EGM held on 8 December 2020.
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IADI Risk Management and Internal Control Framework: Reviewed and approved the updated risk analysis performed by the IADI Secretariat.
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Accounting principles and audit procedures: Recommended that EXCO consider change/ replacement of the current principles and procedures (in progress).
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At the request of the SPWG, the ARCC has documented and presented a SWOT analysis of IADI.
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Core Principles and
Research Council Committee (CPRC) -
chaired by Yvonne Fan, Chinese Taipei
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Recruitment of Senior Policy and Research Advisor (SPRA)
and Core Principles Compliance Assessment Advisor (CPCAA): CPRC
Chairperson jointly worked with the Search Committee and Secretary
General on selection process. The CPCAA took office in September
2020.
-
Guidance Paper on Risk
Management and Internal Control System of Deposit Insurers
was published in November 2020.
-
Guidelines for the Development of IADI Research, Guidance
and the Core Principles: Work currently underway for its revision.
This revised version of the Guidelines aims at enhancing the
quality and streamlining the processes of developing IADI research
papers.
-
Other papers are being
developed at the following CPRC Technical Committees:
-
Islamic Deposit Insurance Technical Committee: The
IADI-IFSB Core Principles for Effective Islamic Deposit
Insurance Systems (CPIDIS) is being finalised for publication.
Research Paper on Shariah Approaches on Resolution of Islamic
Banks is still a work in progress.
-
Resolution Issues for Financial Cooperatives
Technical Committee (RIFCTC): Currently in the process of
finalising the Guidance Points.
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Member Relations Council Committee (MRC) - chaired
by Mohamud Ahmed Mohamud, Kenya |
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Secretariat Report on the Financial
Statements for FY 2019/20 Q1 and Q2, and Cash Management Report
per 30 September 2020: Review completed and the report was
approved by EXCO.
-
IADI Business Plan and Budgets: Reviewed
the draft Business Plan 2020/23 and draft Budgets (FY 2020/21
and FY 2021/22). The Business Plan and Budgets were approved at
the AGM.
-
The EXCO approved the following application:
- Arab Monetary Fund
(AMF) as a Partner in September 2020
-
Due to the extraordinary circumstances related to
Covid-19 pandemic, many IADI in-person events were cancelled or
postponed, and are now being provided in a virtual form. Despite
this challenging situation for outreach activities across all
regions, some potential jurisdictions showed their interests in
joining the IADI. The MRC will continue to support efforts to
expand and maintain membership of the Association in conjunction
with Regional Committees and the Secretariat.
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Training and Technical Assistance Council Committee (TTAC)
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Chaired by Diane Ellis, United States
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The TTAC in coordination with the Capacity
Building Technical Committee (CBTC) and the Training and Capacity
Building Unit (TCBU), reports the following activities:
-
Expert Training: The Expert Training Strategy
(Strategy), which was approved by the Committee in February
2019, is a proposal to develop a structured program for training
IADI Members and their staffs in the Core Principles. The
strategy outlines a four-staged process for an IADI Member to
gain expertise in the Core Principles and become capable of
leading Self-Assessment Technical Assistance Program (SATAP)
reviews, supporting TAWs, and supporting or participating in the
IMF/World Bank FSAP reviews.
The Core Principles
Practitioners Workshop (first stage of the Strategy) Working Group
Terms of Reference (ToR) was approved by TTAC in May. The working
group subsequently began meeting in September and is in process of
building the content for the workshop. IADI expects to hold the
first Practitioners Workshop in 2021.
-
IADI SATAP: The SATAP provides an assessment of an
IADI Member’s deposit insurance agency (DIA). The purpose of
the Program is for the review team to work closely with the
DIA to identify gaps in its system relative to IADI Core
Principles and outline possible steps to address those gaps.
The CBTC and the Senior
Training and Technical Assistance Advisor (STTAA)
received official requests for a SATAP review (including a
completed self-assessment) from two jurisdictions. The review
team has been formed for one jurisdiction and is moving
forward as planned with the offsite work. The other
jurisdiction is working with the TCBU to finalize the
additional documents required to begin reviewing their
submitted self-assessment.
-
In July, TTAC approved the Guidance on Conducting
Self-Assessments of Compliance with the Core Principles paper.
The purpose of this guidance is to encourage IADI Members to
perform a self-assessment of compliance with the IADI Core
Principles, and to inform Members of the resources available
to help them in this endeavour.
As an assessment tool, the CPs can be used to
identify gaps in the regulations and policies governing
deposit insurance systems, and for evaluating the practices of
deposit insurers. In addition, self-assessments are a good
diagnostic element in preparation for third-party reviews,
including IADI SATAP evaluations, peer-reviews and thematic
assessments conducted by the FSB, or IMF and World Bank
Financial Sector Assessment Program (FSAP) evaluations.
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Update from the IADI Secretariat Research Unit and the
2020 Annual Survey
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Response to the Covid-19 crisis
The IADI Secretariat and Research Unit (RU) have worked on a
number of initiatives in response to recent developments in the global
economy relating to Covid-19. A briefing
note has been prepared titled “Ensuring Business
Continuity and Effective Crisis Management Activities for Deposit
Insurers”.
On the 26th of March 2020, IADI distributed a survey to the
membership on the impact of the Covid-19 pandemic crisis on their
financial sector and the measures taken by regulatory authorities and
deposit insurers to address the crisis. A summary
of key results from the IADI Covid-19 survey is now available and
the full set of Survey responses can be found here.
Additional Covid-19 statistical
resources available on the IADI eBIS website include:
-
Results from the Bank Guarantee Fund
(Poland) questionnaire to all IADI Members on policy responses to
the Covid-19 pandemic crisis.
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Results from the IADI Asia-Pacific Regional Committee survey
of its Members on the topic of Covid-19 implications and
responses.
The IADI Research Unit will
facilitate a follow up survey on Covid-19, currently scheduled for
January 2021. This survey collection will seek to reveal
developments that may have emerged since the initial response of
deposit insurers to the Covid-19 pandemic. A summary of results
and full survey data file will be made available to all IADI Members
for their benefit.
CP monitoring and compliance assessment
The CPCAA joined the RU in
September 2020 and initiated work in areas such as:
- The development of processes and procedures for
implementing a CP thematic assessment programme, a more formalised
measure, to monitor, collect and analysis information on Members’
compliance levels of CPs in order to help identify any strengths
and gaps in Member deposit insurance systems and obtain a global
compliance picture.
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The programme will complement existing self-assessments,
IADI SATAP, FSAPs and other means of assessing gaps between
existing and desired outcomes. Results of the new programme will
be used to provide input to the CPRC, TTAC and their supporting
Technical Committees and help target IADI researches, guidance and
training and technical assistance initiatives to assist Members to
improve their systems.
-
A draft “Overview of other Financial Sector
Standard-Setting Body assessments & IADI Core Principles
Compliance Assessment Framework” was completed and presented to
TTAC and CPRC for initial comments and feedback in November 2020.
-
A more detailed proposal with proposed assessment
methodology and procedures will be presented for review and
discussion in Q1 2021.
Research Initiatives
The RU published
IADI Brief No. 4 titled Depositor Preference and Implications for
Deposit Insurance. This note explores the different types of
depositor preference, the advantages and disadvantages of depositor
preference and the issues arising in the context of depositor
preference that are relevant for deposit insurers.
IADI Brief No. 5 titled The
Geographic Dynamics of Deposit Insurance is being reviewed by the CPRC
and is expected to be published in early 2021. Further papers in
the series are being prepared, with the next two topics focussing on
the potential of machine learning for deposit insurers, along with the
evolution of deposit insurer resolution toolkits.
A research plan has been developed
for review by the CPRC on determining gaps in deposit insurance
reimbursement practices and procedures. To complement this work,
a member survey facilitating the collection of relevant data items is
underway.
Other research and policy
initiatives in progress by the RU, include a draft paper on digital
stored value products (developed jointly with the Alliance for
Financial Inclusion). There has also been considerable
engagement with the CPRC and Islamic Financial Services Board on
developing IADI Core Principles for Islamic Deposit Insurance Systems.
2021 IADI Research Conference
The International Association of Deposit Insurers (IADI)
invites research papers for its Sixth Biennial Research Conference to
be hosted by the Bank for International Settlements in Basel,
Switzerland and held virtually during the week of 10-14 May 2021.
The theme for the Research Conference is “Navigating the
New Normal for Financial Stability, Deposit Insurance and Bank
Resolution”. This year’s theme takes into account how international
crises continue to shape the landscape for financial stability,
deposit insurance and bank resolution. A decade past the global
financial crisis, the world’s financial system is in the midst of a
new series of shocks and challenges emanating from the Covid-19
pandemic.
This IADI Biennial Research Conference will provide a forum
to take stock of and explore the implications of these developments as
well as examine other issues influencing financial stability, deposit
insurance and bank resolution.
Research papers and panel presentations will be posted on
the IADI Members Only website, accessible to registered participants
only, subject to the permission of authors, Research Conference
proceedings will be published.
To find the details, please see the
News section of IADI public website.
2020 IADI Annual Survey
The 2020 Annual Survey went live in July 2020. This
included an amended questionnaire designed to better capture
contemporary issues in global deposit insurance. All IADI Members,
Associates, Partners and stakeholders were encouraged to participate
in this important exercise. The IADI Annual 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 Members, Associates and
Partners for their continued support to the IADI data and research
initiatives. Results were published on 30 November 2020.
Overall, the survey results show that jurisdictions
continue to strengthen their deposit insurance systems and are moving
towards greater compliance with the IADI Core Principles for Effective
Deposit Insurance Systems.
To find the details, please see
the 15
Key features (available on the IADI
public website), full
data (eBIS sign-in is required), and the press
release.
2020 IADI
Chart Pack
The inaugural IADI Chart Pack was
published earlier in 2020. This new product offers a snapshot of the
key characteristics of deposit insurance systems from around the
world.
The IADI
Chart Pack is arranged into four themes focusing on deposit
insurer structure, coverage and funding, reimbursement and resolution
activities, public awareness and financial inclusion.
The full IADI
Chart Pack is available on IADI’s website, including French and
Spanish translations. Any queries regarding the IADI Chart Pack and
deposit insurance database can be addressed to Ryan Defina of the
IADI
Secretariat Research Unit.
Call for Paper Proposals
The IADI has recently circulated
a call for proposals for external research and policy papers. This
provides an opportunity for academics and policy makers to submit
their research proposals for topics relevant to deposit insurance and
financial stability. Selected proposals will receive funding and
support from IADI.
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Update from the
IADI Secretariat
Training and Capacity Building Unit
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Expert Training Working Group
During the second semester of 2020, the Expert Training Strategy
has shown important results. Five Expert Training Working Group
(ETWG), the second stage of the Strategy, pilot test training sessions
have taken place during the second semester of 2020 and will allow
IADI to expand its roster of experts 2.5 times, from 6 to 21 experts
by 2021.
With this expanded number of
experts, IADI aims to continue supporting the assessment of compliance
with the Core Principles by having at least one expert per Regional
Committee. This will also contribute to the development of other
requirements such as thematic reviews, regional training initiatives
and other capacity building activities.
Remote Training Guidance
The Covid-19 pandemic created areas
of opportunity for IADI in terms of developing new mechanisms to
deliver capacity building. The STTAA developed Remote Training
Guidance detailing the different types of training that can be
conducted virtually, tools available for virtual training, and issues
and benefits that are unique to virtual training. IADI has placed a
priority on being responsive with virtual solutions to address member
needs on the training side.
FSI-Connect Tutorials
The major update of two suites of
tutorials, the Core Principles for Effective Deposit Insurance Systems
and Reimbursing Depositors, is in progress. The full update is
expected to conclude mid-January 2021.
Virtual Events
The Latin America Regional
Committee (LARC) held a webinar, hosted by COSEDE (Ecuador), which
focused on Core Principle 15. The
presentations covered, among other issues; the essential elements for
the effective payment of deposit insurance and the capacity to carry
out the reimbursement process quickly, pre- and post-closing
activities, scenarios and simulations and ex-post review of the
bankruptcy of a financial institution. More than 170 participants
attended the virtual event.
The FSI and IADI jointly hosted a webinar on the “ongoing and expected
impact of the Covid-19 crisis on resolution authorities and deposit
insurers” on 22 and 24 September. The four sessions, held across two
days, focused on risks to the banking sector and impact of the
Covid-19 pandemic on deposit insurers and resolution authorities, as
well as on the heightened contingency planning and preparedness
measures implemented as a result. Over 400 participants attended the
virtual event, with 250 from the IADI community.
The Asia Pacific Regional Committee (APRC) held a virtual event,
hosted by the Korea Deposit Insurance Corporation (KDIC) on “A Deep
Dive into the Differential Premium System”. The presentations focused
on implementation of differential premium systems. The webinar was
attended by more than 94 participants from the Asia Pacific Regional
Committee.
Upcoming Virtual Events
The Middle East and North Africa
Regional Committee is planning to host a virtual event on 21 January
2021 on IADI Core Principle 4 : Coordination and cooperation between
deposit insurers and other safety-net players in normal times and in
crises. More details will be made available in
December 2020.
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Additional events, seminars and conferences
(July to December 2020)
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IADI-LARC WEBINAR FOR THE AMERICAS: Core Principle 15: payout
time, process, and information
requirements,
31 July, Virtual |
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A webinar themed “Core Principle No. 15:
Payout Times, Processing and Information Requirements” was
held on 31 July 2020, among more than 170 participants from
deposit insurers of 22 countries were part of this event. The
webinar was organised by the Deposit Insurance, Liquidity Fund
and Private Insurance Fund Corporation (COSEDE) of Ecuador in
collaboration with the IADI Secretariat and with the support
of the Latin American Regional Committee (LARC), and addressed
topics related to the essential elements for the effective
payment of deposit insurance and the capacity to carry out the
reimbursement process quickly were covered, including pre- and
post-closing activities, scenarios and simulations, ex-post
review of the bankruptcy of a financial institution, among
others of great interest and relevance for deposit insurers
worldwide.
The webinar had the participation of
David Walker - Secretary General of IADI, who discussed the
standards, data and new developments around the deposit
insurance payment; Ruben Lechuga Ballesteros and Vicente
Vargas Gonzalez from the Bank Savings Protection Institute
(IPAB) of Mexico who shared the experience of the deposit
insurance payment during the pandemic, the case of Banco
Ahorro Famsa; Galo Cevallos and Tyler Cavaness from the U.S.
Federal Deposit Insurance Corporation (FDIC) who addressed
issues related to the FDIC's experience in the processes that
take place before, during and after the forced liquidation of
a financial institution and the deposit insurance payment
process; Luis Velasco of COSEDE presented Ecuador's experience
in the SATAP Program (Self-Assessment Technical Assistance
Program) in the area of deposit insurance payment, its action
plan and challenges. The event was moderated by Juan Carlos
López of FOGAFIN of Colombia.
The webinar made possible the exchange
of experiences and knowledge, and also to learn from
first-hand strategies to achieve payments in 7 business days
or less.
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The 18th APRC Annual Meeting, 25 August, Virtual |
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On 25 August, Korea Deposit Insurance
Corporation (KDIC) virtually hosted the 18th IADI APRC Annual
Meeting, which was attended by approximately 60 participants
from 18 organisations.
Regarding approval items, Mr Rafiz
Abdullah was reappointed by the APRC as the Research Technical
Committee (RTC) Chairperson for a 2-year term. The hosting
terms of APRC events were approved; host CEO Dialogue annually
and Study Visit biennially.
Regarding reporting items, Mr Chayong
Yoon gave a report on APRC events and activities during the
period May – August including KDIC-PIDM APRC Webinar, IDIC
Multilateral Meeting, and PIDM-SEACEN Webinar. Mr Jose
Villaret reported on the publication of the 4th issue of APRC
Net and Outreach activities. For the APRC RTC, Mr Abdullah
gave an update on the on-going initiatives including MOU
Template, Cross-Border Cooperation Paper, and Fintech Paper.
Mr Abdullah also identified potential research topics based on
the APRC Survey result. For the APRC Training and Assistance
Technical Committee (TATC), Mr Taewook Chang reported on
current TATC initiatives including technical assistances and
shared repository. Lastly, Mr Chang reported on Strategic
Planning Working Group (SPWG) and Fee Subgroup activities.
There was also a discussion session on
establishing new Strategic Plan and revising the current fee
model. APRC members provided their opinions on the matter.
Members identified areas of improvement for the Strategic
Plan; enhance research particularly on resolution, provide
members with better benefits such as training and technical
assistance. Members also commented that other parameters for
the fee model should be considered; parameters that better
reflect the nature of organisations, such as deposit insurer’s
mandate.
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CDIC Global Knowledge-Sharing Initiative, 8-10 September,
Virtual The Canada Deposit
Insurance Corporation (CDIC) organized a virtual event
entitled “CDIC Global Knowledge Sharing Initiative” from
September 8-10, 2020 for the IADI community. The event was
offered as part of CDIC’s technical assistance program to
assist other deposit insurers who are seeking to develop or
enhance their deposit insurance systems.
The first day explored CDIC’s
differential premium system and fund management and investment
practices. The next day discussed the Corporation’s public
awareness campaign and communication strategy with depositors
in a resolution scenario. The last day centered on CDIC’s
corporate risk management framework which includes the
enterprise risk management function, contingency plan testing
programs, and corporate strategy. In order to enrich the
learning experience of the participants, there was a Question
& Answer session each day and supplemental resources were
provided through a temporary event website. The number of
participants was also limited to 150.
Presentation decks of the webinar can be
found in the
IADI Repository of Knowledge Events
on the Members’ Only website (login to eBIS required).
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IDIC International Webinar 2020 on
“Maintaining Financial System Resilience to the COVID-19 Black
Swan: Deposit Insurance Strategic
Responses and Policy Options”, 16 September, Virtual |
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 The
Indonesia Deposit Insurance Corporation (IDIC) held its annual
International Seminar as a webinar this year entitled
"Maintaining Financial System Resilience to the COVID-19 Black
Swan: Deposit Insurance Strategic Responses & Policy Options"
on the 16 September 2020. This event was attended by 362
participants on Webex Event, 165 viewers on YouTube live
streaming, and was subsequently published by 25 publishers on
online news, social media, and electronic media.
 As
various experts in the field, from the World Bank Group,
Federal Deposit Insurance Corporation (FDIC), and Deposit
Insurance Agency (DIA) of Russia, were brought together to
deliver a series of presentations and panel discussions, this
webinar invoke discussions on the latest global economic
conditions and responses or state policies to COVID-19 in
order to maintain financial system stability and coordination
between financial system safety net institutions during this
challenging time, particularly from a deposit insurance
corporation or resolution authority’s perspective.
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2020 NDIC International Virtual Conference.
22-23 October, Virtual |
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 The
Nigeria Deposit Insurance Corporation (NDIC) held its 2020
International Virtual Conference with the theme: “Financial
System Stability, Fintech & Emerging Risks: Challenges for
Bank Supervisors” from 22-23 October 2020. The objective of
the Conference was to promote knowledge and experience sharing
amongst key stakeholders on Fintech as well as to provide
opportunity to promote broad discussion on policy options to
address emerging risks and opportunities associated with
Fintech.
The 2-Day event had a total of 540
participants out of which 95 were international participants
from 34 countries which are Angola, Azerbaijan, Bahamas,
Canada, Chinese Taipei, Colombia, France, India, Indonesia, Ghana, Italy,
Jamaica, Kazakhstan, Kenya, Mexico, Malaysia, Morocco,
Pakistan, Philippines, Senegal, Serbia, Spain, South Africa,
Switzerland, Tanzania, Thailand, Trinidad & Tobago,
Tunisia, Turkey, Uganda, Ukraine, United Kingdom, United
States of America and Zimbabwe. Local participants at the
event were drawn from the NDIC, Central Bank of Nigeria (CBN),
Securities & Exchange Commission (SEC), National Pension
Commission (PENCOM), Independent Corrupt Practices Commission
(ICPC), Economic and Financial Crimes Commission (EFCC),
Nigerian Financial Intelligence Unit (NFIU), Chartered
Institute of Bankers of Nigeria (CIBN) and Nigerian
Universities. Facilitators were drawn from the NDIC; CBN; Bank
for International Settlements (BIS), Switzerland; Ernst and
Young, India and Central Deposit Insurance Corporation (CDIC), Chinese Taipei.
Ten (10) papers were presented during
the 2-day virtual conference. The papers were on Prudential
Regulation and Financial System Stability in Nigeria: Pre,
During & Post COVID-19; Fintech in Banking: Past, Present &
Future; How BigTech and Asian Banks are re-inventing Banking;
Restructuring Options of Troubled Bank: Implication of
Technical and Financial Assistance to Eligible Financial
Institutions; Deposit like products and Deposit Insurance in
Nigeria: Supervision and Challenges; The use of Fintech,
Regtech and Suptech as Early Warning Signals in the Banking
System; Overview of Chinese Taipei’s Digital Finance and CDIC’s
Suptech Experience; Consumer Protection in the emerging
Fintech Era; Consumer Protection in the emerging Fintech Era;
and Cyber risk: threats, trends and implication for banking.
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APRC Webinar on Differential Premium System,
6 November, Virtual |
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 On
6 November, Korea Deposit Insurance Corporation (KDIC) hosted
APRC webinar. The webinar was titled “A Deep Dive into the
Differential Premium System (DPS)”, aiming to provide
opportunity for APRC members to share experiences and insights
on DPS. Around 120 participants from APRC member organizations
attended the event.
In his opening remark, APRC Chairperson
and KDIC Chairman Seongbak Wi said that the training event was
a timely opportunity to share knowledge on the topic with APRC
members as many training opportunities within the region,
including the technical assistance and Technical Assistance
Workshop (TAW) were either postponed or cancelled this year
with the outbreak of Covid-19. In this light, KDIC prepared
the webinar on DPS, a topic which was in highest demand in the
APRC technical assistance survey conducted in 2019.
Distinguished speakers who shared
country cases and experiences on DPS were the following: Mr
Rafiz Abdullah, Chairperson of IADI APRC Research Technical
Committee (RTC) and CEO of Malaysia Deposit Insurance
Corporation (PIDM); Dr Pyeonghoon Chang, Senior Research
Fellow of Office of Risk Analysis and Pricing, KDIC; and Ms
Lisa Hsi, Director of Business Department, Central Deposit
Insurance Corporation (CDIC). The speakers discussed how the
differentiated premium system work in their respective
jurisdictions, their experiences in implementing the scheme,
as well as other issues to consider.
Finally, the webinar ended with an
insightful closing remark from Mr Rafiz Abdullah. He commented
that the webinar was a good opportunity for members to
exchange views and learn from each other, and added that these
opportunities must continue to effectively deal with various
emerging risks.
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KDIC Global Training Program, 24-26 November, Virtual
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The Korea Deposit Insurance Corporation (KDIC) held
the “2020 KDIC Global Training Program” from 24 to 26 November
2020 virtually. A total of 200 officials from 22 jurisdictions
attended this program. The aim of this program is to improve
the participants’ practical knowledge and skills in crisis
management and resolution.
The course covered various topics and cases in the
field of crisis management and resolution, including KDIC’s
responses to COVID-19 pandemic and deposit insurance payout.
Through the Q&A session and online practice for assessing
deposit insurance payouts, the participants actively
participated in the program. An expert from Fintech Center
Korea and Sogang Business School, Prof Yoo-Shin Jung, was
invited as a speaker, and he delivered a the special lecture
titled “Korean Fintech Innovation and Its Impact on Korean
Financial Market.” During the break, the participants were
invited to take a virtual tour by watching four videos (KDIC
Head Office, KDIC Global Academy, Korean Cultural Experiences
and Chungju Emotional Starlight Tour). Virtual excursion
videos can be found on the KDIC YouTube Channel. (Please click
here.)
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IADI-LARC WEBINAR: FinTech Activities and the Impact
of COVID-19, 9 December, Virtual
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A webinar themed ““FinTech Activities and the Impact
of COVID-19: Specific concerns and challenges from a deposit
insurance perspective” was held on 9 December 2020 with more
than 80 participants drawn primarily from the Americas region
but also from IADI Members across the globe. The webinar was
hosted by the Corporación de Protección del Ahorro Bancario
(COPAB), Uruguay on behalf of the LARC.
 Diane Ellis, Chairperson of the IADI FinTech
Technical Committee and Director, Division of Insurance and
Research – Federal Deposit Insurance Corporation, highlighted
the major objectives of the Technical Committee for providing
IADI Members with up to date information on the rapid changing
financial technology and its impact on deposit insurance.
Carlos Cantu, Economist of the Bank for International
Settlements Representative Office for the Americas, presented
on the paper “Fintech in Latin America: landscape, prospects
and challenges”. He highlighted that Fintech has shifted from
Asia to other regions in the world, including Latin America
where investment in these firms, services and products is
increasing. He mentioned the major trends and challenges for
financial regulators, as well as the impact of Covid-19 on the
growth of these products and services in the region.
Daniel Lima, Chief Executive Officer – Fundo
Garantidor de Créditos (FGC), Brazil indicated that some
reasons behind the rise of Fintech in Brazil include; unbanked
population, poor financial planning and inadequate credit card
utilization. He highlighted that in the past almost all banks
and other credit institutions were covered by FGC guarantee,
and that the contagion rate in these new payment companies’
environment can be much greater than that observed in banks,
and could heighten systemic risk.
Sunday Oluyemi the Director Research, Policy and
International Relations, NDIC, Nigeria, touched on the impact
of Covid-19 including increase in non-performing loans,
worsening liquidity positon in the banking sector, increase in
cyber fraud and increase in Fintech. He also touched on the
concerns for deposit insurers emanating from Fintech and
Covid-19.
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New IADI Participants
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Join us in welcoming a newest participant, who was approved by
EXCO in the second half of this year.
Arab Monetary Fund: Partner
Arab
Monetary Fund (AMF) is a Regional Arab
Organisation founded in 1976, and has started operations in
1977. Its mission is to lay the monetary foundations of Arab
economic integration and accelerating the process of economic
development in all Arab countries, and its vision is to be a
pioneer Arab regional development institution in the field of
economic, financial and currency reforms programs to achieve
sustainable growth in the Arab region.
AMF
consists of 22 Member countries: Jordan, United Arab Emirates,
Bahrain, Tunisia, Algeria, Djibouti, Saudi Arabia, Sudan,
Syria, Somalia, Iraq, Oman, Palestine, Qatar, Kuwait, Lebanon,
Libya, Egypt, Morocco, Mauritania, Yemen and Comoros.
We thank the AMF for its application and look forward to
working more closely with them, as part of the global IADI
community. As at the end of November 2020, IADI's membership
included 110 participants, including 86 Members, 8 Associates
and 16 Partners. |
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Forthcoming
events
New
books and papers
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BANKING CRISES IN ITALY 2014-2020: Lessons Learned and Open Issues
(Le crisi bancarie in Italia (2014-2020): Insegnamenti e riflessioni
per la regolamentazione) (ed.
Bancaria Editrice), Giuseppe
Boccuzzi, December 2020
(English version will be available soon.)
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IADI Guidance Paper, Risk Management and Internal Control System of
Deposit Insurers, November 2020
•
IADI Briefs No 4, Depositor Preference and Implications for Deposit
Insurance, October 2020
•
FSB Report, The Use of Supervisory and Regulatory Technology by
Authorities and Regulated Institutions: Market developments and
financial stability implications, October 2020
•
CGAP Working Paper,
Open Banking: How to Design for Financial Inclusion. Working Paper,
Ariadne Plaitakis and Stefan Staschen, October 2020
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World Bank and CCAF,
The Global Covid-19 FinTech Regulatory Rapid Assessment Study,
World Bank Group and the University of Cambridge, October 2020
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CGAP Technical Guide,
How to Build a Regulatory Sandbox: A Practical Guide for Policy
Makers,
Ivo Jenik and Schan Duff, September 2020
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CPMI Working Paper,
Payment aspects of financial inclusion in the fintech era,
April 2020
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World Bank Working Paper,
How Regulators Respond to Fintech: Evaluating the Different
Approaches -
Sandboxes and Beyond,
April 2020
•
CGAP Technical Note,
Nonbank E-Money Issuers vs. Payments Banks: How Do They Compare?
Denise Dias and Stefan Staschen, December 2019
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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 86 deposit insurers, 8 Associates and 16
Partners. The IADI is a non-profit organisation constituted under
Swiss Law and is domiciled at the Bank for International Settlements
in Basel, Switzerland.
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