PRESS RELEASE
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
October 24, 2013
Media Contact:
Andrew Gray
(202) 898-7192
angray@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-93-2013
FDIC Signs Memorandum of Understanding with the People's Bank of China
FOR IMMEDIATE RELEASE
Beijing, China -- The Federal Deposit Insurance Corporation (FDIC) today announced
the signing of a Memorandum of Understanding (MOU) between the agency and the
People's Bank of China (PBOC) designed to extend their effective international working
relationship in the areas of deposit insurance and resolution. The purpose of the MOU is
to develop and expand the interaction between the FDIC and the PBOC and to
demonstrate a shared commitment to cooperation among banking agencies. The MOU
also seeks to enhance cooperation in analyzing cross-border financial institution
recovery and resolution issues, and planning for potential recovery and resolution
scenarios, including appropriate simulations, contingency planning and other work
designed to improve preparations to manage troubled institutions with operations in the
United States and the People's Republic of China. The agreement was signed by FDIC
Chairman Martin J. Gruenberg and Governor Zhou Xiaochuan of the PBOC and
updates an existing MOU that was signed on August 2nd, 2007.
FDIC Chairman Gruenberg said, "There is a long history of close collaboration and
cooperation between the PBOC and the FDIC, and I am honored to have the
opportunity to build on this strong foundation through this MOU. China and the U.S.
have a shared interest in maintaining and expanding our interaction on economic and
financial issues, particularly in the areas of deposit insurance and cross-border
resolution issues. Among U.S. financial regulators, the FDIC is uniquely positioned to
engage and offer our experience with deposit insurance and resolution issues
internationally. I welcome this expanded agreement with the PBOC and would like to
thank our Chinese hosts, particularly Governor Zhou and the officials at the PBOC, for
accommodating the delegation from the FDIC."
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
October 24, 2013
Media Contact:
Andrew Gray
(202) 898-7192
angray@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-93-2013
FDIC Signs Memorandum of Understanding with the People's Bank of China
FOR IMMEDIATE RELEASE
Beijing, China -- The Federal Deposit Insurance Corporation (FDIC) today announced
the signing of a Memorandum of Understanding (MOU) between the agency and the
People's Bank of China (PBOC) designed to extend their effective international working
relationship in the areas of deposit insurance and resolution. The purpose of the MOU is
to develop and expand the interaction between the FDIC and the PBOC and to
demonstrate a shared commitment to cooperation among banking agencies. The MOU
also seeks to enhance cooperation in analyzing cross-border financial institution
recovery and resolution issues, and planning for potential recovery and resolution
scenarios, including appropriate simulations, contingency planning and other work
designed to improve preparations to manage troubled institutions with operations in the
United States and the People's Republic of China. The agreement was signed by FDIC
Chairman Martin J. Gruenberg and Governor Zhou Xiaochuan of the PBOC and
updates an existing MOU that was signed on August 2nd, 2007.
FDIC Chairman Gruenberg said, "There is a long history of close collaboration and
cooperation between the PBOC and the FDIC, and I am honored to have the
opportunity to build on this strong foundation through this MOU. China and the U.S.
have a shared interest in maintaining and expanding our interaction on economic and
financial issues, particularly in the areas of deposit insurance and cross-border
resolution issues. Among U.S. financial regulators, the FDIC is uniquely positioned to
engage and offer our experience with deposit insurance and resolution issues
internationally. I welcome this expanded agreement with the PBOC and would like to
thank our Chinese hosts, particularly Governor Zhou and the officials at the PBOC, for
accommodating the delegation from the FDIC."
Attachment: Memorandum of Understanding between Federal Deposit Insurance
Corporation and People’s Bank of China Regarding Cooperation, Technical Assistance
and Cross Border Resolutions - PDF (PDF Help)
# # #
Corporation and People’s Bank of China Regarding Cooperation, Technical Assistance
and Cross Border Resolutions - PDF (PDF Help)
# # #