23-28 October 2016, DIFK representatives attended the IADI 15th Annual General Meeting (AGM) and Annual Conference in Seoulhosted by the Korea Deposit Insurance Corporation (KDIC)
Press Release
Representatives of the Deposit Insurance Fund in Kosovo participated in the 15th Annual General Meeting of the Members of the International Association of Deposit Insurers “IADI”, and Annual Conference and 50th EXCO meeting from 23 to 28 October 2016, in Seoul, Korea. The events were hosted by the Korea Deposit Insurance Corporation (KDIC), and was attended by over 180 participants, representing around 70 jurisdictions worldwide.
DIFK was represented by the Managing Director Mrs. Violeta Arifi-Krasniqi and Senior Finance Officer Mr. Vllaznim Bytyqi. DIFK representatives attended all key meetings of the committees working within the IADI’s to address important topics such as the evaluation methodology of the Core Principles, research, training, data and surveys, regional meetings and a strategic plan and reform of IADI .
DIFK representatives also attended IADI Europe Regional Committee meeting where members were briefed on latest progress and future activities were discussed. DIFK Managing Director Mrs. Violeta Arifi-Krasniqi has participated with invitation by IADI President Thomas Hoenig to the meeting with those IADI Members who are currently not represented on the Executive Council to discuss strategic direction of IADI.
IADI President Thomas Hoenig during the meeting highlighted progress made in new strategic direction of the Association, its structure, and its resource base, recognising the Association’s role as a standard-setter, its partnerships with International Financial Institutions such as the World Bank and IMF, as well as its enhanced role with research, policy guidance, data collection, training and technical assistance, and communications and outreach efforts. The three Strategic Goals for the five-year period 2015–2020 were presented before the members: promoting deposit insurance system compliance with the Core Principles; advancing deposit insurance research and policy development.; and providing Members with technical support to modernise and upgrade their systems.
The IADI Members were provided with the opportunity of electing Members’ Designated Representatives to the Executive Council (EXCO) of the Association. The 25-member EXCO is the governing body of the Association, and nomination to stand for election was open to all of the Association’s Designated Representatives. This year, 17 of the EXCO seats were open for election. DIFK Managing Director Ms. Violeta Arifi-Krasniqi was elected for Position of Executive Council member for a three-year term.
Members of the Management Board, Mr. Ilir Rama, representative from the Ministry of Finance and Mr. Bekim Berisha, independent member joined DIFK delegation to attended 15th IADI Annual Conference with theme “Gearing Up for the Next Crisis” which featured presentations and panel discussions by top policymakers, deposit insurers and prominent academics to discuss, debate and provide insights into key issues affecting the global economy, financial stability and deposit insurance.
Opening remarks and key note speeches stressed the increasing concerns about the possibility of another financial crisis due to the heightened uncertainties in the global economic and financial markets. Given the changes in global financial markets and the repetitive nature of financial crises, speakers strongly urged participating deposit insurers to enhance their ability to prevent a crisis, build effective crisis response mechanisms and have stronger co-operation.
The Conference panel discussions focused on three key topics- firstly, how to encourage financial institutions to manage themselves in a safe and sound manner; secondly, building more effective crisis response mechanisms in cooperation with other financial safety net partners; and thirdly, the types of emerging funding frameworks that would help a Deposit Insurer to successfully deal with a crisis. All the above topics are of critical importance for strengthening of deposit insurance and financial stability.
DIFK also participated in the two day international exhibition on deposit insurance organized by IADI for all members of IADI- which provided opportunity to promote the 2015 Annual Report, information leaflet for depositors and other promotional materials.