WASHINGTON — Federal Deposit Insurance Corp. Vice Chairman Thomas Hoenig was elected as president of the International Association of Deposit Insurers on Thursday.

The association is made up of 80 countries or territories that have deposit insurance programs, nine associations and 13 partners. It was created in 2002 after a Financial Stability Forum and a subsequent study conducted on deposit insurance.

"I am honored to have been selected to serve as President of IADI, which is now recognized as the global standard-setting body for deposit insurance by all the major public international financial institutions, including the Financial Stability Board, the Basel Committee for Banking Supervision, the International Monetary Fund and the World Bank," Hoenig said in a statement.

Outside of influencing policy decisions and promoting financial stability, the association also serves as a resource for emerging deposit insurance systems.

Hoenig who has represented the FDIC at the IADI since 2012, will continue to serve as vice chairman of the FDIC while serving a two year term. He will be succeeding current IADI president Jerzy Pruski, who is also president of Poland's Bank Guarantee Fund.

"Jerzy has been an excellent leader who has increased IADI's membership and expanded its influence during his term," Hoenig said.

Hoenig was selected to be the president of the IADI during a conference in Kuala Lumpur, Malaysia.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.