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Signing of Memorandum of Understanding between Deposit Insurance Agency (Russia) and Deposit Insurance Corporation (Mongolia)

Date: 07.07.2016

On 4 July 2016, the State Deposit Insurance Corporation (Mongolia) (hereinafter “DICoM”) and the State Corporation Deposit Insurance Agency (hereinafter “DIA”) signed the Memorandum of Understanding in Moscow. General Director Mr. Yury Isaev took part in the signing ceremony on the part of DIA and General Director Mr. Lkhagvasuren Byadran – on the part of DICoM.

“Signing of the Memorandum will allow the state corporations of Russia and Mongolia to extend the bilateral cooperation. Mutual consultations and exchange of views and experience will facilitate further development of our relations in the deposit insurance area,” noted Mr. Yury Isaev.

“Broadening of cooperation with the Russian DIA on the pressing matters of the deposit insurance system is an important step towards the enhancement of mutually-beneficial bilateral relations. We hope that the consultations on deposit insurance issues between the state corporations of two countries will promote further dialogue,” said Mr. Lkhagvasuren Byadran.

During the meeting the parties confirmed their intention to intensify collaboration and cooperation in the areas of mutual interest, including risk management and public awareness, as well as to coordinate their efforts aimed at improvement of the international standards on deposit insurance and resolution of insolvent financial organizations.

*For reference: State Deposit Insurance Corporation (Mongolia) (hereinafter “DICoM”) was established based on Law on Bank Deposit Insurance dd. 10 January 2013 to protect the interests of depositors and maintain stability of the country financial system. DICoM insures private deposits amounting up to MNT 20 mln. (more than USD 10 ths.). The insurance benefit is paid to the depositors within 30 business days as of the date on which DICoM receives the Bank of Mongolia notification on occurrence of the insured event.

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