Fifth deposit insurance training program held

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Fifth deposit insurance training program held

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Left, officials from deposit insurance institutions in 16 countries attend a lecture at a global education center in Chungju, North Chungcheong, on Monday. Right, KDIC Chairman Wi Seong-bak, right, participates in a cultural exercise with participants in the training program on Monday. [KOREA DEPOSIT INSURANCE CORPORATION]

Officials from deposit insurance institutions in 16 countries, including Japan, Vietnam, Columbia, Albania and Zimbabwe, are visiting Korea to learn about resolution and recovery.

According to the Korea Deposit Insurance Corporation (KDIC) Tuesday, the training program started Monday and will end Friday.

The training program is being held at a global education center in Chungju, North Chungcheong.

The KDIC and the U.S. Federal Deposit Insurance Corporation are the only two such institutions that operate training programs on deposit insurance.

“The overseas participants will learn about handling insolvent banks by studying actual and similar cases,” said Wi Seong-bak, KDIC chairman. “We expect that the training will help in improving the deposit insurance systems of each country.”

The World Bank is taking part in the training program.

Mary Kiragu, the deputy general manager at Kenya Deposit Insurance Corporation, is attending the program for the second time.

Sameer Goyal of World Bank’s Seoul Center for Financial Sector Development, said the cooperation between the KDIC and the World Bank will contribute to the improvement of financial safety nets.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]

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