The Nigeria Deposit Insurance Corporation (NDIC) participated at the recently concluded 2011 Annual Conference/General Meeting of the International Association of Deposit Insurers (IADI) In Warsaw Poland.

The IADI Conference/AGM which was hosted by the Bank Guarantee Fund (BGF) of Poland with the theme: “Beyond the Crisis: the Need for Strengthened Financial Stability Framework”.

The Conference deliberated on the fallout of economic recession in different world economies and reported that the Global Economy was at a turning point and was going through another phase of economic crisis in the form of sovereign debt crisis.  The new crisis was believed to have been triggered by the recent global financial meltdown.

After the overview of the Global economy, the Conference discussed the following issues:

a) Global Economic Outlook
b) New Macro Prudential and Micro Prudential  safety nets
c) Crisis management – the role of resolution regime
d) How to cope with the too big to fail globally significant financial institutions
e) The role of Deposit Insurance Scheme in Financial safety nets
f) Financial inclusion.

In the main, the Conference, after exhaustive deliberations, concluded that the Deposit Insurance Scheme had gone beyond depositor protection and should consider the responsibility of promoting systematic stability as a priority. The regulators were also urged to bear in mind that banks regarded as too big to fail should be considered as too big to save and therefore too big to exist.

In another development, the (NDIC) led by its former Chairman, Ambassador Hassan Adamu (Wakili Adamawa) and Managing Director/Chief Executive Mr Umaru Ibrahim paid a courtesy visit to the Nigerian Ambassador to Poland, Amb. Asalina Maimuno.

The NDIC Managing Director briefed Ambassador Maimuno on the mandate and activities of the Corporation NDIC and its role in the development of the African region of International Association of Deposit Insurers (IADI), including their mission to Poland.

Ambassador Maimuno and the NDIC delegation discussed issues of mutual interest especially the economic development of Poland as a country with very rich potentials to invest in the Nigerian Economy. She highlighted the sectors of their economy of interest to Nigeria like; power, agriculture, building, construction and mining. She also urged the NDIC Management to encourage Nigerians back home to partner with Polish Investors.

The former Chairman of NDIC Ambassador Hassan Adamu thanked Ambassador Maimuno and staff of the embassy for their hospitality during the visit and assured them of his intent to convey the Embassy’s message appropriately on his return to Nigeria.

H. S. BIRCHI
HEAD, COMMUNICATION & PUBLIC AFFAIRS