President Yoo Jae-hoon Elected Chairman of Asia-Pacific Region, International Association of Deposit Insurers

Yu Jae-hoon, President of the Korea Deposit Insurance Corporation (KDIC), has been elected as the Chair of the Asia-Pacific Regional Committee of the International Association of Deposit Insurers (IADI).

(From left) Alejandro Lopez, Chairman of IADI (President of Argentina Deposit Insurance Corporation), Yoo Jae-hoon, President of Korea Deposit Insurance Corporation, Mitsui Hidenori, Former Chairman of the Asia-Pacific Regional Committee (President of Japan Deposit Insurance Corporation).

KDIC announced that this decision was made at the 81st IADI Board of Directors meeting held from the 26th to the 28th in Basel, Switzerland.

IADI is an international standard-setting organization related to deposit insurance systems, established in May 2002 in Basel, Switzerland. President Yu serves as a member of IADI’s highest decision-making body, the Executive Council, and as Vice Chair of the Standing Committee on Implementation of International Standards.

KDIC stated, "This is the result of KDIC’s recognized active efforts in training and technical support within the IADI Asia-Pacific region," adding, "It reaffirms our global leadership in the international community."

President Yu said, "The Asia-Pacific region is the largest among IADI regional committees in terms of member countries and economic scale," and added, "Considering the diverse demands for deposit insurance system development, I will focus on mutual technical sharing and policy cooperation with member countries in the region and do my best to enhance the status of the Asia-Pacific region."

Meanwhile, at this board meeting, a research report led and prepared by KDIC’s Deposit Insurance Research Institute was also released. A KDIC official emphasized, "We will continue to strengthen our leadership in the international community and expand education and technical support targeting developing country members, who constitute the majority of IADI."