In July 2008, the BCBS and IADI decided to collaborate on developing an internationally agreed set of core principles for deposit insurance using the IADI Core Principles for Effective Deposit Insurance Systems (February 2008) as a basis. A joint working group, comprising representatives from the BCBS’s Cross-Border Bank Resolution Group and IADI’s Guidance Group, was formed to develop a set of core principles to be submitted to the BCBS and IADI for review and approval. The Core Principles for Effective Deposit Insurance Systems were completed in March 2009 and endorsed by the international community in June 2009.A Compliance Assessment Methodology for the Core Principles was completed in December 2010. The Core Principles and their compliance assessment methodology (together: the Core Principles) are used by jurisdictions 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 Program (FSAP), to assess the effectiveness of jurisdictions’ deposit insurance systems and practices.

The Core Principles are reflective of, and designed to be adaptable to, a broad range of jurisdictional circumstances, settings and structures. They are intended as a framework supporting effective deposit insurance practices. National authorities are free to put in place supplementary measures that they deem necessary to implement effective deposit insurance systems in their jurisdictions.

An assessment of compliance with the Core Principles can be a useful tool for jurisdictions that are implementing, reviewing or actively reforming a deposit insurance system. The assessment of a deposit insurance system should identify strengths and weaknesses in the existing deposit insurance system and form a basis for remedial measures by deposit insurers, other safetynet authorities, and policymakers after taking into account the structural, institutional and legal features of each national deposit insurance system.

The global financial crisis of 2007–09 framed the environment within which the Core Principles have been revised in 2014.

A second review which has been initiated ten years later and is informed by the lessons from the banking turmoil in March 2023 which marked the largest episode of systemic stress since the 2008 global financial crisis.