|
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 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.
The Federal Law «On amendments to the Federal Law "On insolvency (bankruptcy) of credit institutions" 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.
In view of the particular public and economic importance of the banking system the Agency has replaced the Arbitration managers - individual entrepreneurs, in managing bankruptcy proceedings in credit organizations licensed by the Bank of Russia to attract household deposits, as well as in "absent" credit organizations - debtors.
On October 27, 2008 the Federal Law # 175-FZ «On Additional Measures to Strengthen the Stability of the Banking System through December 31, 2014» came into force, which entitled the Agency with the functions of financial rehabilitation of socially and economically important banks.
Concurrent execution by the Agency of the three functions – deposit insurance, liquidation of insolvent banks and bank bankruptcy prevention – creates the comprehensive system of protection of interests of bank depositors and other creditors. Such a combination of functions allows to reduce losses of the deposit insurance system; rapidly and efficiently recover to the mandatory deposit insurance fund moneys spent on the deposit insurance payouts – from the bankruptcy estate of failed banks; ensure transparency and completeness of settlements with all creditors; flexibly apply various instruments for the liquidation and financial rehabilitation of problem banks. The situation when the Agency serves as the single center of responsibility for all creditors of insolvent banks contributes to strengthening the stability of the entire banking system and to improving confidence in the banking system and government institutions.
The Agency is a non-profit organization, which acts in the form of the State Corporation. The Supreme governing 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 the General Director of the Agency.
|
