Kimsung-sik, president of Korea Deposit Insurance Corporation (KDIC), said on the 1st, marking the 30th anniversary of KDIC's founding, that "we must further strengthen the financial stability function and leap forward as a Sunjin financial stability institution."
At the 30th anniversary ceremony that day, Kim said, "As the expiration dates for the special account for savings banks and the KDIC bond redemption fund come one after another, we are facing an unprecedented turning point in which we must redesign the foundations of the deposit insurance system."
On the same day, KDIC held a 30th anniversary event at its headquarters in Jung-gu, Seoul, under the slogan "Financial stability built on trust, firmly safeguarding people's everyday lives."
Kim said, "The 'financial stability account,' which blocks the spread of insolvency in advance through effective funding before a crisis occurs, and a prompt resolution regime that enables administrative measures such as contract transfer to be carried out swiftly in situations like bank runs, can no longer be put off," adding, "We should overhaul the deposit insurance premium assessment system by recalculating the appropriate target fund size and the deposit insurance premium rate, and also seek institutional improvements that take into account the characteristics of each financial industry sector and financial contract holders."
He added, "Not only in crisis situations but also in everyday finance, we will contribute to financial stability by proactively performing our role as a financial safety net so that the public can place greater trust in KDIC."
At the 30th anniversary ceremony, KDIC unveiled a new vision: "KDIC that protects people's everyday finance and adds stability to finance." It also published "New Deposit Insurance Theory," which contains research on the deposit insurance system and financial stability, and "30-Year History of the Korea Deposit Insurance Corporation (KDIC)," which records the achievements of the past 30 years.