| Headline: A master of avante-garde deposit insurance Source: Euromoney Date: January 2001 Author: James Smalhout The Financial Stability Forum – a group established by the G7 finance ministers and central bank governors – has launched a project to develop practical guidance for countries considering the adoption of deposit insurance or modifications to existing deposit insurance systems. The Forum turned to Jean Pierre Sabourin, president and CEO if the Canada Deposit Insurance Corporation, to lead a working party composed of expert practitioners from 12 nations as well as from the IMF and the World Bank. The group plans to issue its final report in September 2001. In the meantime, Euromoney readers can follow its progress at http://www.cdic.ca/international Sabourin recently discussed these issues with Euromoney’s James Smalhout. You have been on the front lines, actually closing failed banks, making payments to depositors and defending the CDIC’s actions before parliament. How have those experiences affected the way you approach your job and the issue of forbearance?I’ve been with CDIC for 24 years. During that time, I have had the responsibility of dealing with all aspects of deposit insurance. I have seen some depositors lose a large part of their life savings. |