PRESS RELEASE
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
October 25, 2012
Media Contact:
Greg Hernandez
(202) 898-6993
mediarequests@fdic.gov
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. 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-121-2012
International Association of Deposit Insurers Marks Tenth Anniversary and Elects
New President in LondonFDIC Acting Chairman Completes Two Terms as
President
FOR IMMEDIATE RELEASE
The Federal Deposit Insurance Corporation (FDIC), the International Association of
Deposit Insurers (IADI), the Bank Guarantee Fund of Poland and the Financial Services
Compensation Scheme (FSCS) today announced that Acting FDIC Chairman Martin
Gruenberg completed his five-year term as President of the IADI during the 11th Annual
General Meeting (AGM) and Conference in London this week. Mr. Gruenberg also
served as Executive Council Chairman of the Association. Mr. Gruenberg was first
elected as IADI's President to serve a three-year term and then re-elected for a two-
year term. During the meeting, Jerzy Pruski, President of the Management Board of the
Bank Guarantee Fund of Poland, was elected IADI's President and Chairman of the
Executive Council.
"It has been a privilege to serve as IADI's President for the past five years," said Mr.
Gruenberg. "The financial crisis highlighted the importance of deposit insurance to
financial stability and afforded IADI an opportunity to provide valuable leadership during
this period."
During the past five years, IADI developed and brought to fruition the first internationally
accepted standards for effective deposit insurance systems; and shared its vision of
deposit insurance expertise and its mission to enhance deposit insurance effectiveness
by promoting guidance and international cooperation. IADI is now recognized as the
standard-setting body for deposit insurance by all the major public international financial
institutions, including the Financial Stability Board of the Group of 20 (G-20), the Basel
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
October 25, 2012
Media Contact:
Greg Hernandez
(202) 898-6993
mediarequests@fdic.gov
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. 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-121-2012
International Association of Deposit Insurers Marks Tenth Anniversary and Elects
New President in LondonFDIC Acting Chairman Completes Two Terms as
President
FOR IMMEDIATE RELEASE
The Federal Deposit Insurance Corporation (FDIC), the International Association of
Deposit Insurers (IADI), the Bank Guarantee Fund of Poland and the Financial Services
Compensation Scheme (FSCS) today announced that Acting FDIC Chairman Martin
Gruenberg completed his five-year term as President of the IADI during the 11th Annual
General Meeting (AGM) and Conference in London this week. Mr. Gruenberg also
served as Executive Council Chairman of the Association. Mr. Gruenberg was first
elected as IADI's President to serve a three-year term and then re-elected for a two-
year term. During the meeting, Jerzy Pruski, President of the Management Board of the
Bank Guarantee Fund of Poland, was elected IADI's President and Chairman of the
Executive Council.
"It has been a privilege to serve as IADI's President for the past five years," said Mr.
Gruenberg. "The financial crisis highlighted the importance of deposit insurance to
financial stability and afforded IADI an opportunity to provide valuable leadership during
this period."
During the past five years, IADI developed and brought to fruition the first internationally
accepted standards for effective deposit insurance systems; and shared its vision of
deposit insurance expertise and its mission to enhance deposit insurance effectiveness
by promoting guidance and international cooperation. IADI is now recognized as the
standard-setting body for deposit insurance by all the major public international financial
institutions, including the Financial Stability Board of the Group of 20 (G-20), the Basel
Committee for Banking Supervision, the International Monetary Fund and the World
Bank.
IADI, which is celebrating its tenth anniversary, is a non-profit organization based in
Basel, Switzerland. It contributes to the stability of financial systems around the world by
promoting international cooperation and best practices among deposit insurers and
other parties responsible for financial safety-net arrangements. The Association has led
the effort to establish international standards for effective deposit insurance systems
and has sponsored research and training to develop, launch and enhance the
operations of national deposit insurance systems. IADI has grown from 26 founding
members to 84 participants and partners in its first ten years.
"Jerzy Pruski is an outstanding leader who demonstrates great 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," said Mr. Gruenberg.
Mr. Pruski said, "I am honored to lead this important international organization. I also
would like to recognize the Association's new Treasurer, Ms. Rose Detho, the Director
of the Deposit Protection Fund Board of Kenya, and thank outgoing Treasurer Bakhyt
Mazhenova, Chairman of the Kazakhstan Deposit Insurance Fund, for her tireless
service during her tenure".
Mark Neale, Chief Executive of the Financial Services Compensation Scheme (FSCS)
noted the success of the week's conference and thanked all participants and speakers.
"Deposit protection is a vital component of consumer confidence and financial stability.
Mr. Gruenberg's leadership of IADI helped to enhance and promote deposit protection
schemes internationally. More than 200 people attended the IADI conference
representing all of IADI's Executive Council Members, including representatives from
more than 40 countries from around the world. The quality of the speakers and the
event itself show how far we have come in the last decade."
Bank.
IADI, which is celebrating its tenth anniversary, is a non-profit organization based in
Basel, Switzerland. It contributes to the stability of financial systems around the world by
promoting international cooperation and best practices among deposit insurers and
other parties responsible for financial safety-net arrangements. The Association has led
the effort to establish international standards for effective deposit insurance systems
and has sponsored research and training to develop, launch and enhance the
operations of national deposit insurance systems. IADI has grown from 26 founding
members to 84 participants and partners in its first ten years.
"Jerzy Pruski is an outstanding leader who demonstrates great 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," said Mr. Gruenberg.
Mr. Pruski said, "I am honored to lead this important international organization. I also
would like to recognize the Association's new Treasurer, Ms. Rose Detho, the Director
of the Deposit Protection Fund Board of Kenya, and thank outgoing Treasurer Bakhyt
Mazhenova, Chairman of the Kazakhstan Deposit Insurance Fund, for her tireless
service during her tenure".
Mark Neale, Chief Executive of the Financial Services Compensation Scheme (FSCS)
noted the success of the week's conference and thanked all participants and speakers.
"Deposit protection is a vital component of consumer confidence and financial stability.
Mr. Gruenberg's leadership of IADI helped to enhance and promote deposit protection
schemes internationally. More than 200 people attended the IADI conference
representing all of IADI's Executive Council Members, including representatives from
more than 40 countries from around the world. The quality of the speakers and the
event itself show how far we have come in the last decade."