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Deposit Insurance
Agency was established in January 2004 on the basis of the
Federal law "On the Insurance of Household Deposits in Banks
of the Russian Federation" # 177-FZ dated 23.12.2003. To
ensure operations of deposit insurance system the Agency
shall pay out deposit compensation amounts to depositors in
case of insurance event; keep register of banks-participants
of DIS; monitor the formation of deposit insurance Fund,
including insurance premiums of banks; manage the resources
of the deposit insurance Fund.
Owing to the enactment of the Federal Law "On amendments to
the Federal Law "On insolvency (bankruptcy) of credit
institutions" and declaration invalid of some legal acts of
the Russian Federation" dated 20.08.2004 # 121-FZ an
institute of corporate Receiver of insolvent banks was
established in Russia. The functions of the Receiver were
delegated to the Agency.
In view of the particular public and economic importance of
banking system the Agency has replaced the Arbitration
managers - individual entrepreneurs, in case of bankruptcy
of credit organizations licensed by the Bank of Russia to
attract household deposits, as well as in case of bankruptcy
of "absent" credit organizations - debtors.
Concurrent execution by the Agency of two functions —
deposit insurance and liquidation of insolvent banks — is
necessary component of entire system of depositors' and
other creditors' of Russian banks interests protection.
Similar organizational combination of functions lets reduce
losses of DIS; quickly and efficiently reimburse from the
bankrupt's estate to the mandatory deposit insurance fund
resources, paid out to depositors; ensure transparency and
completeness of settlements with all creditors. Combination
of functions lets form a single center of responsibility
before creditors of insolvent banks that will promote to
increase the confidence in the banking system and government
institutes.
The Agency is a non-commercial organization, which acts in
the form of the State Corporation. The Supreme Body of the
Agency is the Board of directors, which consists of seven
representatives of the Government of the Russian Federation,
five representatives of the Bank of Russia and General
Director of the Agency
source: http://www.asv.org.ru/en/dia/ |