INTERNATIONAL ASSOCIATION OF DEPOSIT INSURERS /IADI/
The International Association of Deposit Insurers (IADI) serves as the global standard-setter for deposit insurance systems. Established in May 2002, its purpose is to bolster the stability of the global financial system and foster collaboration between deposit insurers and other financial stability institutions. As a non-profit organization housed at the Bank for International Settlements in Basel, Switzerland, IADI's range of activities is continually expanding, which includes conducting research and analysis pertinent to deposit insurance systems. Furthermore, IADI defined the "16 basic principles of deposit insurance system", which are integral to the financial stability standards of the Financial Stability Board (FSB). These principles form a framework that is utilized by the International Monetary Fund (IMF) and is part of the Financial Sector Assessment Program by the World Bank. As IADI continually assesses and elevates the standards of its member countries, along with issuing policies, guidelines, and recommendations within the framework of the 16 Core Principles, its role, significance, and reputation are steadily growing. The association's membership is also expanding, currently consisting of 95 deposit insurance organizations, 11 cooperative, and 17 partner organizations.
Mongolia became the 72nd member state in 2013, hence, successfully established a deposit insurance system and closely cooperate with other member entities of the association by way of mutual information exchange and acquiring experiences and good practices of other members of the association.
Regional Committees were created for Africa, Asia, the Caribbean, Eurasia, Europe, Latin America, the Middle East and North Africa and the North America to reflect regional interests and common issues through the sharing and exchange of information and ideas. The Regional Committees perform such functions in a manner to further the Objects, and act in the best interests, of the Association. The Chairpersons of the Regional Committees are responsible for recommending or proposing action to the Executive Council and communicating plans and activities, and reporting on their activities at each meeting of the Executive Council, in order to ensure focus and transparency. Mongolia has been a member of the APRC since 2013, and a member of the EARC since 2016.
In addition, the following council committees work to research and discuss common deposit insurance issues:
- Audit and Risk Council Committee
- Core Principles and Research Council Committee
- Member Relations Council Committee
- Financial Technology Technical Committee
- Islamic Deposit Insurance Technical Committee
- Resolution Issues for Financial Cooperative Technical Committee
- Risk Management and Deposit Insurance System Internal Audit Technical Committee
- Training and Technical Assistance Council Committee
- Capacity Building Technical Committee