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DIA Delegation Visits the Republic of Belarus

Date: 13.04.2016

On 8 April 2006, General Director of the State Corporation Deposit Insurance Agency (DIA, the Agency) Mr. Yuri O. Isaev had a meeting with Chairman of the Board of the National Bank of the Republic of Belarus Mr. Pavel V. Kallaur. The meeting was held as part of the Agency visit to the Republic of Belarus.

During the meeting, the parties discussed the situation of the banking systems in the Russian Federation and the Republic of Belarus, as well as the future enhancement of bilateral cooperation in the field of deposit insurance and liquidation of insolvent credit institutions. The parties also discussed the matters of harmonization of depositor protection and bank liquidation and resolution arrangements within the Eurasian Economic Union.

During the visit, the parties signed the Memorandum of Understanding between the State Corporation Deposit Insurance Agency (Russian Federation) and the State Institution Bank Deposit Reimbursement Agency (Republic of Belarus). The Memorandum defines the main areas of cooperation and the mechanisms of interaction and information sharing between the agencies, including mutual consultations, sharing of best practices, joint research projects, development of the common position on relevant issues of mutual interest.

DIA delegation had a meeting with the staff of the Bank Deposit Reimbursement Agency and highly praised its performance in arranging payouts to insured depositors of Belarusian banks where insured events occurred in 2015.

DIA General Director Mr. Yuri O. Isaev noted the importance of mutually beneficial cooperation between the Agencies of two countries both on a bilateral basis and within the Eurasian Economic Union and international deposit insurance associations. “To make the compensation process run smoothly we need to share our experience. Belarus and Russia agree that the deposit insurance system shall be ready for any adversity,” underlined Mr. Isaev.

*For reference: The State Institution Bank Deposit Reimbursement Agency (Republic of Belarus) was established in December 2008. The main objective of the Agency is to ensure guaranteed repayment of funds in Belarusian roubles and foreign currency placed into accounts and (or) deposited by individuals with the banks and non-bank credit and financial institutions covered by the Agency.

In addition, the Agency maintains the register of member banks; checks the timeliness and scope of compulsory premiums paid by the banks; keeps the register of claims of insured depositors in case of occurrence of the obligation to compensate the deposits; acts as a temporary bank administrator according to the decision of the National Bank of the Republic of Belarus; and acts, under the economic court order, as a crisis manager during bank insolvency proceedings carried out according to the laws.

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