DIFK receives 2016 IADI Award for Core Principles and International Participation

DIFK receives 2016 IADI Award for Core Principles and International Participation awarded at the Associations Annual General Meeting held in Seoul on 27th of October 2016.  The Award for Core Principles and International Participation recognises efforts by the Deposit Insurance Organization (DIO) to comply with the Core Principles for Effective Deposit Insurance Systems (CP) by carrying out evaluations of compliance or making modifications to ensure conforming to the CP. It also commends a DIO’s international activities. Factors taken into account are: compliance evaluation with the participation of an independent party; hosting CP Assessment Methodology Workshops or DIO subject to FSB/IADI/IMF/WB evaluation; changes introduced following past evaluations; participation in IADI/IMF/WB CP workshops or activities; participation in capacity building events; participation in other IADI activities; and cooperation agreements with other participants of foreign/international safety nets.

The Award for Core Principles and International Participation provides DIFK a recognition for its achievements for embedding Core Principles as a foundation for building effective DIS in Kosovo.  And within five year of its existence DIFK has achieved to carry out a self-evaluation, undergone independent compliance evaluation, hosted a CP Assessment Methodology Workshop, underwent FSAP review by IMF/WB, signed four cooperation agreements (Albania, Swiss, FDIC, Turkey), participated in capacity building event for establishing DIS (Nairobi), presented country experience in compliance assessment with the CP’s.

Evaluated through a three year period to October 2016, DIFK, since establishment has adopted Core Principles as standards for building effective system and to date makes continual efforts to achieve full compliance with the CP’s.  Firstly is has set its strategic development on the basis of IADI’s “Core Principles for Effective DIS”, in addition to the EU Directive on the Deposit Guarantee Schemes.  DIFK’s fifth strategic goal is to “Achieve full compliance with the revised Core Principles”.

DIFK has also undertaken a self-assessment of compliance with the Revised Core Principles in accordance with the Revised CP Handbook version 9.0 in preparation for the IADI’s 8th Regional workshop hosted from 4th to 6th of May 2015.  A thorough self-assessment report was elaborated which was commended by Assessors Team for being comprehensive and sufficiently detailed providing responses and argument in addition to the references to the relevant laws, rules and procedures.

Additionally, DIFK has undergone a compliance evaluation with the participation of an independent party and hosted CP Assessment Methodology Workshop.  In May 2015, DIFK has hosted IADI’s 8th Regional Workshop on Assessment of Compliance with the Core Principles for Effective Deposit Insurance Systems, held in Pristina from 4-6th May 2015. The Assessor’s Team included:  1. Mr. David Walker – CDIC, Canada, 2. Ms. Karen Gibbons – FSCS, UK, 3. Mr. Lucas Metzger – esisuisse, Switzerland, 4. Mr. Jan Nolte – World Bank, 5. Mr. Vijay Deshpande – FDIC, USA and 6. Mrs. Maisha Goss-Johns – FDIC, USA.  Thirty four senior representatives from 20 jurisdictions participated in the workshop. The workshop was assessed “highly successful” by Assessor Team, with very positive feedback from the workshop participants, with most of the presentations receiving “Excellent” grade. In the same year, the recommended actions deriving from the Aide Memoire on the results of CP assessment, where adopted by the Management Board with action plan for fulfilment by 2017.