Africa-Press – Nigeria. The Nigeria Deposit Insurance Corporation, NDIC, has tasked financial services industry stakeholders in the country, policymakers and the general public to give their feedback on the ongoing revision of the International Association of Deposit Insurers, IADI, Core Principles for Effective Deposit Insurance System.
The NDIC, in a statement signed by its Head of Communication & Public Affairs, Hawwau Gambo, said the proposed revision by IADI is a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape.
It said the revision will comprehensively address structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learned from the banking turmoil in March 2023.
The NDIC noted that the banking turmoil of 2023 was the most significant systemic stress event since the 2007-09 global financial crisis, hence the review.
The statement read, ‘‘The IADI Core Principles are used by jurisdictions, including Nigeria, as a benchmark for assessing the quality of their deposit insurance systems and for identifying gaps in their deposit insurance practices and measures to address them.
‘‘The Core Principles are also used by the International Monetary Fund, IMF, and the World Bank in the context of the Financial Sector Assessment Programme, FSAP, to assess the effectiveness of jurisdictions’ deposit insurance systems and practices.
‘‘The first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision, BCBS, in June 2009, while the document is subject to periodic revision to keep it up-to-date with evolving trends on the global financial system landscape.’’
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