Remarks by
Jelena McWilliams
Chairman
Federal Deposit Insurance Corporation
“A Call to Action: Why We Need Effective Deposit Insurance Systems”
at the
2018 IADI Annual Conference and 17th Annual General Meeting
Basel, Switzerland
October 18, 2018
Jelena McWilliams
Chairman
Federal Deposit Insurance Corporation
“A Call to Action: Why We Need Effective Deposit Insurance Systems”
at the
2018 IADI Annual Conference and 17th Annual General Meeting
Basel, Switzerland
October 18, 2018
1
Good afternoon. I am delighted to have the opportunity to speak with you today
and I want to thank IADI’s Chairman, Governor Mikuniya, for inviting me. I also
want to thank David Walker, IADI Secretary General, and his staff for organizing
this event and for their gracious hospitality.
This is my first opportunity to address you as FDIC Chairman and I am honored
because I have tremendous respect for how much IADI has done in a relatively
short period of time to strengthen deposit insurance systems around the world.
The FDIC is proud to be a founding member of, and strong contributor to, this
association.
Personal Story
I want this audience in particular to know that deposit insurance is especially
important to me for very personal reasons. I was born and raised in the former
Yugoslavia, a communist country with very little financial infrastructure and no
deposit insurance.
My parents did not have much money, but what little savings they had were
deposited in a local bank. When Yugoslavia’s economy was collapsing in the
early 1990s and the bank became troubled, my parents lined up along with other
depositors, holding a brown paper bag. But there was no money left for them.
When that bank closed its doors, my family lost their life’s savings, and my 68-
year old father became a day laborer making five dollars a day. I know first-hand
the hardship that can result from inadequate protection for ordinary depositors.
The mission of the FDIC resonates profoundly with me, and I am committed to
strong and effective deposit insurance arrangements.
Importance of Effective Deposit Insurance Systems
Now that you know this is a personal mission of mine, I want to say a few words
about achieving compliance with IADI’s core principles in all jurisdictions around
the world. We must all make this a top priority and treat it as a matter of urgency,
not as a luxury item that we can pursue when convenient. On a personal level, I
would not want another 68-year-old to have to dig trenches because his life savings
were deposited at a bank without deposit insurance.
Good afternoon. I am delighted to have the opportunity to speak with you today
and I want to thank IADI’s Chairman, Governor Mikuniya, for inviting me. I also
want to thank David Walker, IADI Secretary General, and his staff for organizing
this event and for their gracious hospitality.
This is my first opportunity to address you as FDIC Chairman and I am honored
because I have tremendous respect for how much IADI has done in a relatively
short period of time to strengthen deposit insurance systems around the world.
The FDIC is proud to be a founding member of, and strong contributor to, this
association.
Personal Story
I want this audience in particular to know that deposit insurance is especially
important to me for very personal reasons. I was born and raised in the former
Yugoslavia, a communist country with very little financial infrastructure and no
deposit insurance.
My parents did not have much money, but what little savings they had were
deposited in a local bank. When Yugoslavia’s economy was collapsing in the
early 1990s and the bank became troubled, my parents lined up along with other
depositors, holding a brown paper bag. But there was no money left for them.
When that bank closed its doors, my family lost their life’s savings, and my 68-
year old father became a day laborer making five dollars a day. I know first-hand
the hardship that can result from inadequate protection for ordinary depositors.
The mission of the FDIC resonates profoundly with me, and I am committed to
strong and effective deposit insurance arrangements.
Importance of Effective Deposit Insurance Systems
Now that you know this is a personal mission of mine, I want to say a few words
about achieving compliance with IADI’s core principles in all jurisdictions around
the world. We must all make this a top priority and treat it as a matter of urgency,
not as a luxury item that we can pursue when convenient. On a personal level, I
would not want another 68-year-old to have to dig trenches because his life savings
were deposited at a bank without deposit insurance.