The International Association of Deposit Insurers (IADI) awarded the Bank Guarantee Fund for its work in the international arena and for its efforts in contributing to and propagating the Core Principles for Effective Deposit Insurance Systems over the past three years. During the IADI Annual General Meeting, BFG received the prestigious deposit insurance organization of the year award in the category of “Core Principles and International Participation.”
Awards were also given to the Kazakhstan Deposit Insurance Fund for enhancing its deposit guarantee system, and to the Deposit Insurance Agency of Russia for its achievements in the area of resolution and guaranteed deposit payouts. The Deposit Insurance Organisation of the Year for 2013 went to the Philippine Deposit Insurance Corporation.
In 2009, IADI in conjunction with the Basel Committee on Banking Supervision (BCBS) developed the Core Principles for Effective Deposit Insurance Systems, which is a catalogue of fundamental principles concerning the operation of deposit insurance organizations and their relationship with other financial safety net members. In 2010, work was completed on the “Core Principles for Effective Deposit Insurance Systems. Methodology for Compliance Assessment.” In 2011, the Core Principles were added to the list of core standards for stable financial systems by the Financial Stability Board (FSB). The methodology for compliance with the Core Principles is used by the International Monetary Fund and the World Bank in periodic financial sector stability assessments.
