Mr Jerzy Pruski, the President of the Management Board of the Bank Guarantee Fund, has been elected as a Chair of the Executive Council and a President of International Association of Deposit Insurers (IADI) for a three-year term. The election was made on October 25th 2012 in Londonduring the IADI Annual General Meeting. Jerzy Pruski is the first European heading the Association.
Jerzy Pruski was confirmed as the new IADI President by a unanimous decision of the General Meeting of IADI Members. He took the office over the outgoing President Mr Martin Gruenberg, acting Chairman of the Board of Directors of the American Federal Deposit Insurance Corporation FDIC, which is the oldest deposit insurance agency in the world.
The new President expressed his appreciation to the Members, who put their trust in him. He received congratulations form the outgoing President, who said: ‘Jerzy Pruski is an outstanding leader who demonstrates remarkable insight and depth of knowledge on issues related to financial stability and the role of deposit insurance in the financial safety net. I sincerely welcome Jerzy as President of IADI and as the Chairman of the Executive Council’.
In his introductory speech at the Executive Council’s extraordinary session held right after the election, Jerzy Pruski spoke on his vision of the Association for next years. He emphasised that IADI has become one of the key global financial safety-net participants issuing principles for effective deposit insurance systems and participating in the assessment of compliance with those principles.
The International Association of Deposit Insurers (IADI) was formed in May 2002 and it is the worldwide institution, currently representing 64 member organizations from all over the world. By promoting the international cooperation in the deposit insurance domain, as well as, by developing the international standards adhering to the improvement of the effectiveness of deposit insurance systems, IADI significantly contributes to the stability of the financial systems in the world.
IADI together with the Basel Committee on Banking Supervision (BSBS) developed in 2009 the ‘Core Principles for Effective Deposit Insurance System’s. This internationally approved document is a set of 18 core principles, against which national deposit insurance schemes can be reviewed and it specifies the relations with the other safety-net participants. In 2010 a methodology for compliance assessment with Core Principles for Effective Deposit Insurance Systems was completed. In 2011 IADI’s ‘Core Principles for Effective Deposit Insurance Systems’ has been officially recognized by the Financial Stability Board (FSB) and added to the compendium of Key Standards for Sound Financial Systems. The methodology of ‘Core Principles for Effective Deposit Insurance Systems’ will be used by the International Monetary Fund and the World Bank in surveillance of stability under the country’s financial sector assessments.
