The FDIC Announces Memorandum of Understanding with Korea Deposit Insurance Corporation, Formalizing Information Sharing and Cooperation Related to Resolution Planning and Implementation

September 26, 2023 / Source: FDIC

WASHINGTON — The Federal Deposit Insurance Corporation today announced the signing of a Cross-border Resolution Memorandum of Understanding (MOU) and a Cooperative Arrangement (CA) with the Korea Deposit Insurance Corporation (KDIC), which would enhance mutual cooperation and exchange between the two organizations.

The MOU and CA were signed Tuesday by KDIC Chairman JaeHoon Yoo and FDIC Chairman Martin J. Gruenberg.

“Today’s signing of these documents is an important next step in the FDIC’s efforts to build meaningful partnerships with foreign counterparts through knowledge sharing and bolstering lines of communication and coordination,” said Chairman Gruenberg. “I thank Chairman Yoo for his longstanding commitment to this partnership and to financial stability.”

“As the global financial markets face increasing uncertainty in recent years, strengthening financial stability has become crucial,” said Chairman Yoo. “It is very meaningful to discuss the improvement of deposit insurance system, with FDIC, which has always played a leadership role in the global financial world.”

Under the Cross–border Resolution MOU, the FDIC and KDIC will prioritize sharing information and cooperation regarding risk monitoring and resolution planning for financial institutions with operations in the US and Republic of Korea. The CA will focus on knowledge and experience sharing with respect to the deposit insurance system.

FDIC: PR-78-2023