Canada to lead an APEC Policy Dialogue
Canada Deposit Insurance Corporation (CDIC) has been asked to chair the first ever APEC Policy Dialogue on Deposit Insurance, which will take place from February 16 to 18, 2004 in Kuala Lumpur, Malaysia. This event will bring together policy makers and officials from the Asia-Pacific Economic Cooperation (APEC) economies and other countries. A Policy Dialogue on Financial Disclosure co-chaired by the Reserve Bank of New Zealand and the Ministry of Finance of Chile will follow from February 18 to 20, 2004.
Following the Policy Dialogue on Deposit Insurance, a report will be submitted to the APEC Finance Ministers with recommendations on ways to strengthen deposit insurance systems. The Policy Dialogue on Deposit Insurance is an important component of the APEC Finance Ministers' work program.
"Over the past few years the international financial and economic community has paid increasing attention to the contribution made to financial stability by effective deposit insurance systems," said Jean Pierre Sabourin, CDIC's President and Chief Executive Officer. "In this Policy Dialogue we will be focusing on the key attributes that will help guide policy makers in strengthening their systems," he added.
The Policy Dialogue is also a unique occasion to discuss issues that are at the forefront of international considerations in establishing effective deposit insurance systems. Presentations by practitioners and other experts will cover three main areas:
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establishing legal protection and indemnification for employees of deposit insurers and other financial system safety net participants;
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ensuring effective interrelationship management among safety net participants; and
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providing trigger mechanisms for the early intervention and resolution of troubled banks.
The APEC Policy Dialogue on Deposit Insurance, hosted by Bank Negara Malaysia, will be held at the Renaissance Kuala Lumpur Hotel. To date participants include representatives from the majority of APEC economies and a number of non-APEC countries. The report resulting from the Policy Dialogue will be presented to the APEC Finance Ministers for consideration at their meeting in September 2004 in Chile.