In order to promote cooperation among different deposit insurance organizations as well as promote the stability of the international financial system, the International Association of Deposit Insurers (IADI) was founded in Basel, Switzerland in May, 2002. The vision of the Association is “sharing deposit insurance expertise with the world.” The forum provides deposit insurance practitioners opportunity to discuss leading issues in deposit insurance, net-working and information sharing.
The genesis of IADI was the Working Group on Deposit Insurance established by the Financial Stability Forum (FSF) in 2000. The Working Group, in turn, was established following the findings of the Study Group on Deposit Insurance, which the FSF constituted in 1999. The Working Group and the Study Group were headed by Mr. Jean Pierre Sabourin of the Canada Deposit Insurance Corporation.
Currently there are 52 member organizations, 6 associates, 3 observers and 12 partners. Member organizations are entities that, under law or agreements, have a deposit insurance system and have been approved for membership in the Association. (Nigeria, USA, Bangladesh, Sudan, Bulgaria, Canada, Russia, India, Trinidad and Tobago, Bahamas, Zimbabwe, Kenya, Hong Kong etc.). Associates are entities that do not fulfill all criteria to be a member, but are considering the establishment of a deposit insurance system, or are part of a financial safety net and have a direct interest in the effectiveness of a deposit insurance system. (Bank of Mangolia, Monetary Authority of Singapore, Bank of Algeria, etc). Observers are interested parties that are profit or not-for-profit entities which do not fulfill the criteria to be an associate but have a direct interest in the effectiveness of deposit insurance systems; may include international organizations, financial institutions and professional firms. (Bearing Point Inc., Deloitte & Touche LLP, Excel Technology International, Goodmans LLP). Partners are not- for profit entities, such as international financial institutions that enter into a cooperative arrangement with the association in the pursuit and furtherance of the objects of the association. (Asian Development Bank Institute, Association of Supervisors of Banks of the Americas (ASBA), The South East Asian Central Banks (SEACEN) Research and Training Center, etc).
The Corporation joined IADI as a founding member in 2002 and was the pioneer Chair of the Africa Regional Committee (ARC) of the Association. Also, the Corporation’s Managing Director/Chief Executive Officer (MD/CEO), Mr. G. A. Ogunleye, OFR, was a pioneer member of the Executive Council of IADI. In addition, the Corporation had one of its staff as a member of the Association’s Research and Guidance Group (RCG).
As a founding member, the Corporation, since 2002, had participated in several fora organized by both IADI (Annual Conferences) and its member deposit insurers (Regional Committee Annual Meetings) to share experience with other members as well as share information on relevant issues and policies for strengthening deposit insurance mechanisms. The international networking had been mutually beneficial, through exchange of information at the level of IADI and collaboration among member agencies. The Corporation had contributed significantly to the sound growth and development of the IADI. In particular, staff members of the Corporation had been very active in, and integral to, several research projects aimed at enhancing deposit insurance effectiveness across the globe.
In 2004, the Corporation hosted the first international conference on deposit insurance organized by the Africa Regional Committee of the IADI in Abuja, Nigeria. As part of its activities in 2007 and in order to encourage the introduction of explicit Deposit Insurance System as well as strengthen the existing systems in Africa, the Corporation, under the auspices of the Africa Regional Committee (ARC) of the IADI, hosted an international workshop on deposit insurance. The theme of that workshop was “Bank Resolution and Differential Premium.” The workshop, drew its facilitators from Africa, Turkey, and Canada, and was attended by 35 delegates from Kenya, Tanzania, Zimbabwe, Cameroun, and Nigeria.
Also, in 2008, as part of its contributions to the building of capacity among middle level personnel in existing DIS in Africa and those intending to establish new deposit insurance systems, the Corporation under the auspices of the ARC hosted another international workshop on deposit insurance. The theme of the 2008 workshop was “Deposit Insurance System (DIS) Coverage and Public Awareness”. The workshop drew participants from Kenya, Tanzania, Zimbabwe and Nigeria. Key officials from Malaysia, Taiwan and IADI Headquarters (Switzerland) were among the facilitators at the workshop.
The Corporation had also in the last few years received staff of deposit insurance agencies from sister African countries for study tours/attachment programmes. Some of the agencies included the Deposit Insurance Protection Board of Tanzania, the Deposit Protection Board of Zimbabwe, Commission Bancaire de’Afrique Centrale (COBAC) of Cameroun as well as Delegates from Banque Centrale Des Etats De L’ Afrique De L’ Ouest (BCEAO) in Senegal.
Source:Nigeria Deposit Insurance Corporation (NDIC)