1.0 It is my pleasure to welcome participants to this regional workshop organised by the Africa Regional committee of IADI. The main objective of the workshop is capacity building for middle management staff of member organisation. I am pleased to note that participants are drawn from Kenya, Malaysia, Tanzania, Zimbabwe, and of course Nigeria the host country.
2.0 I consider it appropriate to make a brief remark on the International Association of Deposit Insurers (IADI). The IADI was established in May 6th, 2002 with its registered office at the Bank for International Settlement in Basle, Switzerland. The association which commenced with 25 members now has 62 members excluding Associates, Observers and Partners. Its mission is “to contribute to the enhancement of deposit insurance effectiveness by promoting guidance and international cooperation’’ while its vision is to “share deposit insurance expertise with the world”.
3.0 In keeping with its mission, IADI has issued several Guidance Papers which include – Differential Premium System; Public Awareness; Governance of Deposit Insurance Systems; Funding for Deposit Insurance Systems; Interrelationships among Safety Net Players; and Resolution of Bank Failures. There are some in the process of being finalised. The Guidance Papers seek to promote sound practices by deposit insurance practitioners and other interested safety-net players.
4.0 In appreciation of the fact that deposit insurance is a knowledge-based service, the Africa Regional Committee decided to organise this Workshop to sharpen the skills of the participants on Purchase and Assumption (P&A) as a failure resolution option.
5.0 It should be noted that competent, professional and skilled staff are critical to effective execution of a deposit insurance mandate. Conducting a successful P&A transactions no doubt, requires technical expertise and skill. It is hoped that at the end of the workshop, the participants will be better equipped to discharge their functions as deposit insurers.
6.0 In conclusion, I wish to express our appreciation to all invited guests who have created the time to be present at this opening session. I also wish to specially thank our Resource Persons from Malaysia for honouring our invitation.
7.0 Thank you for your attention.
May 9th, 2011