The State Corporation Deposit Insurance Agency

The State Corporation 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 the deposit insurance system the Agency shall reimburse insured depositors when an insured event occurs; keep register of the deposit insurance system’s member banks; monitor accumulation of the deposit insurance fund including verification of accuracy of the deposit insurance premiums paid by member banks; manage the resources of the deposit insurance fund. Number of the Deposit Insurance System member banks – 806 (as of 14.03.2017), Number of insured events that have occurred (payouts) – 390 (as of 03.03.2017) The Federal Law «On amendments to the Federal Law "On insolvency (bankruptcy) of credit organizations" and on terminating some legal acts of the Russian Federation» dated 20.08.2004 # 121-FZ established an institute of the corporate receiver/liquidator of failed banks in Russia. The functions of the corporate receiver/liquidator were delegated to the Agency. Number of bank liquidation procedures that have been managed by DIA – 576. Liquidation procedures have been completed in 270 banks. On October 27, 2008 the Federal Law # 175-FZ «On Additional Measures to Strengthen Stability of the Banking System through December 31, 2014» came into force, which entitled the Agency with the functions of resolution of systemically important banks. The Agency has participated in 27 bank resolution projects.