Decree On Authorized Federal Executive Bodies Operating in Area of Insurance Household Deposits with Banks of the Russian Federation

With the purpose of implementing federal law “On Insurance Household Deposits in Banks of the Russian Federation” the Russian Federation Government has adopted the following:

1) Federal Tax Service shall be authorized federal executive body representing in banks bankruptcy matters claims against banks subrogated by State Corporation “Deposit Insurance Agency” as result of insured deposit payouts conducted by said Corporation.
Finance Ministry of the Russian Federation shall develop within 30 days procedure for above representation.

2) Finance Ministry of the Russian Federation shall be authorized federal executive body setting forth criteria for bonds and securities as stated in par. 2-4 and 6, part 3, article 38 of the federal law “On Insurance Household Deposits in Banks of the Russian Federation”. Criteria should be set upon agreement with Ministry for Economic Development and Trade and Federal Financial Markets Service of the Russian Federation

3) Finance Ministry of the Russian Federation when drafting federal budget law for respective year shall stipulate appropriations from federal budget needed to ensure deposit insurance system financial stability