Home' Trinidad and Tobago Guardian : October 23rd 2014 Contents BG24
BUSINESS GUARDIAN www.guardian.co.tt OCTOBER 2014 • WEEK FOUR
Trinidad and Tobago, through the Deposit Insurance Corporation (DIC), is hosting the 13th Annual General Meeting and Annual Conference of the
International Association of Deposit Insurers (IADI) at the Hyatt Regency Trinidad Hotel, Port of Spain, from October 20 to 24, 2014. The event is
expected to bring together approximately 220 representatives of deposit insurers and central bankers; as well as banking supervisors and academics
from around the globe. This is a historic and momentous occasion as Trinidad and Tobago is the first Caribbean country and indeed the smallest
country ever to host IADI's flagship event.
The International Association of Deposit Insurers (IADI) was founded on May 6, 2002 at the Bank for International Settlements in Basel, Switzerland
(a non-profit organization, constituted under Swiss law). Trinidad and Tobago was one of the founding members of this highly regarded international
institution. IADI's objectives are to contribute to the stability of financial systems by promoting international cooperation in the field of deposit insur-
ance and providing guidance for establishing new, and enhancing existing systems, and to encourage wide international contact among deposit insur-
ers and other interested parties. Indeed, IADI is recognised as a Standard Setter in the global financial community.
The IADI Annual General Meeting and Annual Conference is an event where the Executives of IADI meet with the representatives of the member
institutions. Discussions are held regarding IADI's business and performance over the past year. IADI's budget for the upcoming year is approved
and matters requiring resolutions are dealt with. It is also a forum to broaden international financial co-operation, create partnerships and network-
ing opportunities whereby representatives of the various Standing Committees, Sub-committees and Regional Committees of IADI discuss common
issues, challenges and goals aimed at strengthening and promoting financial stability. Useful exchange of practitioners on lessons learnt in their own
domain assist with policy making and helps in the design, implementation and maintenance of effective deposit insurance systems. It also serves as a
platform; for deposit insurers from around the world to share knowledge and expertise as well as provide the necessary training and educational pro-
grams and produce research and guidance on matters related to deposit insurance.
The theme for the 13th IADI Annual General Meeting and Annual Conference is "Updated Core Principles to Strengthen the Financial Stability
Architecture". The Annual Conference will highlight the updates to the "Core Principles for Effective Deposit Insurance Systems" with a focus on
the core principles and bank resolution; advancing the IADI Core Principles for funding resolutions and deposit insurance; assessment of compliance
with the IADI Core Principles; applying the Core Principles with different mandates, settings and structures; and challenges in applying the Core
Principles in the Caribbean Region. The theme is timely and relevant given that Deposit Insurance Systems have become more important in main-
taining and promoting financial stability in this era of financial globalization.
IADI currently represents 77 deposit insurers from 75 jurisdictions and has 77 Members, 7 Associates and 12 Partners. This membership is drawn
from Europe, the Middle East, Africa, Asia, North America, Latin America and the Caribbean. As listed in the Table below, IADI has also partnered
with several key international organisations to meet its objective of promoting global financial stability.
Asian Development Bank Institute
Association of Supervisors of Banks of the Americas (ASBA)
Centro de Estudios Monetarios Latinoamericanos (CEMLA)
European Bank for Restructuring and Development
European Forum of Deposit Insurers
Inter-American Development Bank, (IADB)
International Monetary Fund (IMF)
The South East Asian Central Banks (SEACEN) Research and Training Centre
The Toronto International Leadership Centre for Financial Sector Supervision
The U.S. Department of the Treasury, International Affairs through its office of Technical Assistance (OTA)
The Union of Arab Banks
The World Bank
The Deposit Insurance Corporation (DIC) actively participates on a number of committees and sub-committees of the International Association of
Deposit Insurers (IADI) thereby giving it a voice in international matters pertaining to deposit insurance, policy and decision-making. Its General
Manager serves on the Executive Council of the Association as well as the Chairman of the Caribbean Regional Committee. The DIC's active role in
IADI has raised awareness within the global financial community that Trinidad and Tobago is committed to achieving and maintaining financial sta-
IADI facilitates the sharing and exchange of information regarding deposit insurance issues across borders. This helps the DIC to remain on the cut-
ting edge of developments taking place internationally, as it benefits from the experience of other countries that have implemented innovative initia-
tives geared towards enabling deposit insurance under different mandates.
The DIC also benefits from staff training in key elements of deposit insurance; from information sharing among members that helps to enhance finan-
cial stability; and from technical assistance offered by IADI in the continuous review of its internal processes and also in its efforts to ensure that it
complies with international best practice. Membership in IADI has allowed the DIC to strengthen its Insurance Pay-out System and Loans
Management System which has enhanced the DIC's ability to settle claims within an acceptable time period.
Given the involvement of deposit insurance systems in helping to re-shape the financial stability architecture, it is imperative for the DIC's mandate
to be effective in combating financial challenges. As such, the DIC is seeking to expand its business model from a strict Pay-box system to a more
enhanced deposit insurance system. Currently under consideration, this new mandate is intended to give the DIC the power to respond more prompt-
ly, and contribute more effectively to institutional and systemic financial distress in Trinidad and Tobago, should these arise.
The DIC will continue to improve its functions and capabilities and will remain committed to increasing public awareness of the roles and functions
of the DIC for the benefit of all its stakeholders.
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