Deposit Insurance Agency

The main function is deposit insurance. Participation in the insurance system is mandatory for all banks entitled to work with private deposits, and deposits are considered insured from the day the bank is included in the register of banks participating in the compulsory deposit insurance system.

All funds in deposits and accounts of individuals and entrepreneurs without forming a legal entity in banks (including debit plastic cards) are subject to insurance, with the exception of:

• funds in the accounts of lawyers and notaries, if they are open in connection with the specified activity;
• bearer deposits;
• funds transferred to banks in trust;
• deposits in foreign branches of Russian banks.

Funds on metal accounts are also not subject to insurance, since the current legislation only applies to the currency of the Russian currency and the currency of foreign states, and not precious metals. In addition, electronic money and money transfers without opening an account are not subject to insurance.

Funds to ensure the operation of the system are accumulated in the mandatory deposit insurance fund. The size of the fund as of December 1, 2014 amounted to 88.5 billion rubles.

Sources of the formation of the fund in 2015:

• insurance premiums of banks in the amount of 75.7 billion rubles. (14.9% more than the previous year)
• a refund from the bankruptcy estate to repay the previously paid insurance indemnity - 39.1 billion rubles.
• profit from investing temporarily available funds of the fund - 9.1 billion rubles.
• other income - 1.1 billion rubles.

Starting July 1, 2015, the law introduced a system of differentiated rates. The basic rate paid by all banks is set by the Agency in the amount of 0.1% of the calculation base, an additional - 20% of the base rate, an increased additional - 150% of the base rate. An additional or increased additional rate was applied by the bank if the maximum yield of deposits attracted by it in the billing period exceeded the base level of deposit yield calculated by the Bank of Russia by more than 2 pp or 3 pp, respectively.

The Agency has developed a risk analysis system to assess the adequacy of the Fund. The analysis takes into account the scenario conditions for the functioning of the economy, the main parameters of the forecasts of socio-economic development of the Russian Federation, prepared by the Ministry of Economic Development of Russia .

To predict the flow of funds of the Fund, a methodology is used to assess the financial stability of the system of compulsory deposit insurance, using statistical processing of bank reporting data, as well as historical data on their bankruptcies.

For the quarterly assessment of the insurance risks of the system, along with an econometric model , models are used to assess the financial stability of banks based on information about their credit ratings, as well as on current market quotations of securities issued by banks and expert estimates.

Fund investment is based on the principles of repayment, profitability and liquidity of acquired assets. For DIA, as well as for all other state corporations, the Government of the Russian Federation establishes the general procedure and conditions for investment, as well as the procedure and mechanisms for controlling the investment of temporarily available funds. ^[2]

The list of permitted assets for investing funds of the fund includes:

• government securities of the Russian Federation and constituent entities of the Russian Federation;
• Bank of Russia deposits;
• bonds of Russian issuers;
• shares of Russian issuers created in the form of public joint-stock companies;
• mortgage-backed securities of Russian issuers;
• Securities of international financial organizations approved for placement or public circulation in the Russian Federation.

It is not allowed to invest the fund in deposits and securities of Russian credit organizations. The investment structure of the Mandatory Deposit Insurance Fund is determined by the board of directors annually taking into account the current and future conditions in the investment markets.

If a bank insured event occurs (the license for banking operations is revoked from it), monetary compensation is paid to its depositor - reimbursement on deposits in the amount of 100% of the deposit amount, but not more than 1.4 million rubles. In case of liquidation of the bank (declaring it bankrupt), its settlements with the depositor in the part exceeding the specified payment are made later, during liquidation procedures (bankruptcy proceedings) at the bank (if the bank has funds).

To receive compensation for deposits, a citizen must submit an application and a document proving his identity to the DIA (or an authorized agent bank) (usually a passport). This can be done at any time from the day the insured event occurs until the liquidation (bankruptcy proceedings) of the bank is completed, which usually lasts two to three years. In exceptional cases, if there are good reasons, the insurance indemnity is also paid to persons who did not apply within these terms.

Compensation is paid directly to the DIA or through an authorized agent bank in accordance with the register of bank obligations to depositors ^[3] . Payments begin no later than 14 days from the date of the insured event. This period is necessary for receiving information on deposits from the bank and arranging settlements.

At the request of the depositor, payment can be made both in cash or by transferring funds to a bank account indicated by the depositor.

The maximum amount of insurance compensation and the history of its increase:

• until August 9, 2006 - 100 thousand rubles .;
• until March 25, 2007 - 190 thousand rubles;
• until October 1, 2008 - 400 thousand rubles .;
• until December 28, 2014 - 700 thousand rubles .;
• after December 29, 2014 - 1.4 million rubles;
• in May 2019, the Central Bank and the DIA proposed to raise the maximum amount of insurance compensation to 10 million rubles ^[4] .

As of June 1, 2019, 490 insured events occurred, a total of 4.07 million depositors paid insurance indemnity in the amount of 1.94 trillion rubles ^[5] .

The Federal Law on Deposit Insurance ^[6] allows the DIA not to return deposits to persons who simultaneously have a loan at the bank. Funds from a deposit (deposit account) will be returned only after repayment of the loan and without interest. At the same time, DIA continues to charge interest on loans of liquidated banks ^{[7] [8]} .

The agency also performs the functions of a liquidator and a bankruptcy trustee of credit organizations ^[9] .

The forced liquidation procedure is carried out at the request of the Bank of Russia on the basis of a decision of the arbitration court if the value of the property (assets) of the credit institution with which the Bank of Russia revoked the banking license is sufficient to fulfill its obligations to creditors and the obligation to pay mandatory payments. If the property (assets) of the liquidated credit institution is not enough to satisfy the claims of creditors, then, on the basis of a decision of the arbitration court, a bankruptcy proceedings are introduced.

The arbitral tribunal appoints the agency as bankruptcy trustee (liquidator) in the following cases:

• if the credit institution had a Bank of Russia license to raise funds in deposits of individuals;
• in case of failure to submit to the arbitration court in the manner prescribed by the Federal Law “On Insolvency (Bankruptcy)” for approval of the bankruptcy trustee - an individual, in case of bankruptcy of credit organizations that did not have a Bank of Russia license to attract citizens' deposits;
• upon release or removal by an arbitration court of a bankruptcy trustee (liquidator) - individual;
• in case of bankruptcy of absent credit organizations-debtors.

As of 2016, the agency performed the functions of a bankruptcy trustee (liquidator) in 281 credit organizations, of which: 172 banks being liquidated were registered in Moscow and the Moscow Region, 109 in other constituent entities of the Russian Federation. The number of creditors in liquidated banks (as of August 26, 2016) is 327 thousand people; the amount of established claims of creditors in liquidated banks amounted to about 1 trillion rubles.

The average percentage of satisfaction of creditors' claims (according to data for 2015) for 17 bankrupt banks in which liquidation procedures were completed in the reporting period amounted to 46.4%. In credit institutions for which bankruptcy proceedings were completed in 2015, the claims of first-rate creditors were satisfied on average by 70.7%, the second by 20.2%, and the third by 16.3%.

By September 2016, as a corporate bankruptcy trustee (liquidator), the agency carried out liquidation procedures in respect of 529 banks and completely completed them in 248 banks.

In addition, the agency is entrusted with the functions of bank rehabilitation ^[10] , the agency can carry out these measures by:

• providing financial assistance to investors acquiring shares (shares in the authorized capital) of a bank in an amount that allows determining bank decisions on issues within the competence of the general meeting of its shareholders (participants);
• providing financial assistance to purchasers of property and liabilities of the bank. Such purchasers may be financially stable banks for which such a transaction does not cause them to violate Bank of Russia mandatory ratios or other negative consequences;
• the acquisition of shares (shares in the authorized capital) of the bank in an amount that allows determining bank decisions on issues within the competence of the general meeting of its shareholders (participants);
• providing financial assistance to the bank, provided that the Agency and (or) the investor purchased its shares (shares) from the bank in the prescribed amount.

To participate in events on financial rehabilitation (rehabilitation) of banks, the law provides for both attracting interested private investors and state funding. For these purposes, 200 billion rubles were allocated from the federal budget to the Agency as a property contribution of the Russian Federation in 2008. In addition, it is possible to provide Bank of Russia loans to the Agency and use the funds of the compulsory deposit insurance fund.

Since October 2008, as of August 1, 2016, the agency took part in 30 bank rehabilitation projects. In total (cumulatively) as of December 31, 2015, more than 1.5 trillion rubles were allocated for the rehabilitation of banks, of which 1.27 trillion rubles. - due to loans from the Bank of Russia (including 294.81 billion rubles for the reorganization of the Bank of Moscow ), 259.33 billion rubles. - at the expense of the property contribution of the Russian Federation to the agency’s property, 7.75 billion rubles. - at the expense of the Fund.

Completed rehabilitation projects as of October 2018 (24 banks) ^[11] :

• “Bank AVB”;
• Bank24.ru ;
• Bashinvestbank;
• "Binbank Smolensk";
• “Binbank Surgut”;
• "Binbank Tver";
• "Provincial";
• Inresbank;
• "Cedar";
• KIT Finance Investment Bank ;
• Nizhny Novgorodpromstroybank;
• " Nizhny Novgorod ";
• Nomos-Bank-Siberia;
• " Discovery ";
• "Petrovsky";
• "Let's go to!";
• "Potential";
• "Growth Bank";
• " Northern Treasury ";
• "Soviet";
• " Union ";
• "Tarkhany";
• Trust
• Ellipse Bank;

Projects for financial recovery in relation to 22 banks were in the work of the DIA in ^[11] :

• "Baltic Bank"
• Baltinvestbank
• Binbank Credit Cards
• BM-Bank
• Vokbank
• University College
• Gazenergobank
• Genebank
• Investtorgbank
• Kraiinvestbank
• Mosoblbank
• "Relight"
• Russian capital
• "Solidarity"
• Sotsinvestbank
• "Tauride"
• Timer Bank
• Uralsib
• "Finance Business Bank"
• Fondservicebank
• "Econombank"
• Express Volga

The procedure for transferring part of their property and all obligations to individuals under bank deposit agreements or accounts with financially healthy purchasing banks was applied to four banks:

• Moscow Security Bank (acquirer - Bank of Moscow);
• Moscow Capital ( Nomos Bank );
• "My bank. Mortgage ”(“ Russian Credit ”);
• Electronics ( National Reserve Bank ).

In 2017, a federal law was adopted that allowed the Central Bank to reorganize banks bypassing the Deposit Insurance Agency - by directly lending to an investor through a specially created management company of the Bank Sector Consolidation Fund ^[12] .

Agency management bodies are the board of directors, the board and the general director. The highest governing body is the board of directors, which includes seven representatives of the Government of the Russian Federation, five representatives of the Bank of Russia and the director general of the Agency. The composition of the board of directors ^[13] :

• Siluanov Anton Germanovich - Minister of Finance of the Russian Federation, Chairman of the Board of Directors
• Akimov Maxim Alekseevich - First Deputy Chief of Staff of the Government of the Russian Federation
• Barsukov Sergey Vladimirovich - Director of the Department of Financial Policy of the Ministry of Finance of Russia
• Ignatiev Sergey Mikhailovich - Advisor to the Chairman of the Bank of Russia
• Isaev Yuri Olegovich - General Director
• Leshchevskaya Julia Alexandrovna - Director of the Department of Financial Banking and Investment Development of the Ministry of Economic Development of Russia
• Malyshev Fedor Ivanovich - referent of the expert management of the President of the Russian Federation
• Moiseev Alexey Vladimirovich - Deputy Minister of Finance of the Russian Federation
• Nabiullina Elvira Sakhipzadovna - Chairman of the Bank of Russia
• Podguzov Nikolay Radievich - Deputy Minister of Economic Development of the Russian Federation
• Pozdyshev Vasily Anatolyevich - Deputy Chairman of the Bank of Russia
• Simanovsky Alexey Yuryevich - First Deputy Chairman of the Bank of Russia
• Sukhov Mikhail Igorevich - Deputy Chairman of the Bank of Russia

Agency departments:

• Deposit Insurance Organization Department
• Bank Restructuring Department
• Bank Liquidation Department
• Expert Analytical Department
• Creditors Claims Department
• Deposit Insurance Fund Investment Department
• Department of Asset Management
• Legal Department
• Accounting and Reporting Office
• Department of Planning and Strategic Development
• Public Relations Center
• Office of Information Technology
• Office of Information Security and Regime
• Business management
• Internal Audit Service
• Agency Representative Offices in Federal Districts

In 2004-2012, the post of the DIA general director was occupied by Turbanov, Alexander Vladimirovich .

Since the summer of 2013, a draft of a significant expansion of the agency’s powers has been discussed, a draft law prepared by the agency gives it, in particular, liquidator functions for other financial market participants, including insurance companies and non-state pension funds ^{[14] [15]} .

• Официальный сайт агентства
• Кротов Н. И. История создания российской системы страхования банковских вкладов. — М.: АНО «Экономическая летопись», 2009.