The FDIC today announced that it will host the 7th Annual Conference of the International Association of Deposit Insurers (IADI) on October 29 and 30, 2008. The FDIC is a founding member of IADI, which was formed in 2002 as a forum for the world's deposit insurance organizations. The Association contributes to the stability of financial systems by promoting international cooperation among deposit insurers and other interested parties.
The conference is being held as part of IADI's Annual General Meeting for members. The theme for the two-day conference, which is open to all attendees, is "The Role of Deposit Insurance in Promoting Financial Stability and Economic Inclusion."
"Recent financial turmoil has highlighted the role that effective deposit insurance systems play in maintaining public confidence in financial institutions and promoting financial stability. Confidence and stability in the financial sector are also critical to the promotion of economic inclusion," said FDIC Vice Chairman Martin J. Gruenberg, who has served as Chairman of IADI's Executive Council and President of the Association since 2007. "The FDIC is honored to host this gathering at such a critical time and I look forward to a wide-ranging dialogue on these issues."
Representatives from more than 60 countries will be attending the two-day event. Speakers include FDIC Chairman Sheila C. Bair; Sir Callum McCarthy, former Chairman of the United Kingdom's Financial Services Authority; Paul Volcker, former Chairman of the Board of Governors of the Federal Reserve System; Usha Thorat, Deputy Governor of the Reserve Bank of India and Chairperson of the Deposit Insurance and Credit Guarantee Corporation of India; L. William Seidman, former Chairman of the FDIC; Eugene Ludwig, former U.S. Comptroller of the Currency; Jaime Caruana, Counselor and Director of the Monetary and Capital Markets Department of the International Monetary Fund; Svein Andresen, Secretary General, Financial Stability Forum; Elizabeth Littlefield, Director and Chief Executive Officer, Consultative Group to Assist the Poor; and Dan Iannicola, Deputy Assistant Secretary for Financial Literacy, U.S. Department of the Treasury.
The first day of the conference will focus on the role of deposit insurance in promoting financial stability. Discussion topics will include the current financial turmoil and implications for financial institutions; the role of deposit insurers in financial crises, past and present; and core principles and guidance for deposit insurers.
Day two of the conference will focus on economic inclusion issues. Sessions will focus on global economic inclusion issues, including its measurement; innovative approaches being employed to promote economic inclusion around the globe; international financial literacy initiatives; and the role deposit insurance can play in promoting economic inclusion.
The conference will be held in the auditorium at the FDIC's Virginia Square complex, located at 3501 Fairfax Drive, Arlington, Virginia. To obtain more details on the conference, including an agenda, please visit www.fdic.gov/IADI/2008annualconference/Index.html. Members of the media are welcome to attend all sessions except the luncheon session on the first day.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,451 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-104-2008