The MOU supports cooperation and information-sharing, building on a partnership that started in 2014 and was renewed in 2019.
The Philippine Deposit Insurance Corporation (PDIC) and the Korea Deposit Insurance Corporation (KDIC) signed a memorandum of understanding (MOU) to support cooperation and information-sharing on deposit insurance.
The MOU also supports cooperation and information-sharing on receivership and liquidation, bank resolution, risk management, premium assessment for banks, sources and methods of funds, information technology for database administration, legal and administrative procedures, and public awareness issues.
The new MOU was signed by PDIC President and CEO Roberto Tan and KDIC Chairman and President Yoo Jaehoon. It builds on a partnership that started in 2014 and was renewed in 2019 before the latest MOU.
The PDIC said the continued cooperation “attests to the mutual commitment of the Philippines and Korea to sustain the enhancements of their respective deposit insurance systems.”
“Both the PDIC and KDIC are members of the International Association of Deposit Insurers (IADI) and the continuing collaboration between the two DIAs [deposit insurance agencies] is aligned with the IADI Core Principles for Effective Deposit Insurance Systems, particularly the Core Principle on cross-border issues, which provides that formal information-sharing and coordination arrangements should be in place among DIAs in relevant jurisdictions,” it said.
The PDIC said the MOU is effective for five years and may be extended for another five years upon joint and written agreement by both DIAs.