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Deposit Insurance Agency will present new approach to selling property of liquidated credit and financial organizations at SPIEF 2018

Date: 04.05.2018

New approaches to selling the property of liquidated banks in Russia will be presented for the first time at the St. Petersburg International Economic Forum.

During a special SPIEF 2018 session entitled ‘The Second Life of Bank Assets: New Investment Opportunities’, speakers from the Deposit Insurance Agency will share a new view on liquidation which offers reduced timeframes while retaining the value of liquidated banks’ assets, rapid sale of property at a fair price, and the reintroduction of these assets into the Russian economy. This new concept will be presented in pursuance of the relevant directive, announced by the Russian President in his address to the Federal Assembly of the Russian Federation on 1 March 2018.

The Deposit Insurance Agency will have a stand at SPIEF, where it will discuss how important the proposed measures are for fulfilling bank creditor requirements to the maximum extent.

“The mechanism offered by the Deposit Insurance Agency helps to significantly reduce the time required for liquidation, improve the degree to which creditor requirements are satisfied, and reinstate liquid assets in the economy, creating added value for the real sector of the economy. This has a general stabilizing effect on the financial system and helps retain depositors’ trust in banks”, said Advisor to the President Anton Kobyakov at a meeting with the General Director of the Deposit Insurance Agency Yury Isaev in Moscow.

“I’m confident that during the St. Petersburg International Economic Forum, our organization will be able to give an extensive presentation of the results of our work to the Russian and international business communities. This work is aimed at effectively protecting depositor and creditor rights and legitimate interests in insolvent credit and financial organizations”, said Yury Isaev. ”In particular, the Agency plans to stimulate the selling of liquidated banks’ assets. This will help to establish the bankruptcy estate, be the basis for creditor settlements and help attract private investment to the economy of a given region, create jobs, and increase tax revenues.”

The Agency and the Roscongress Foundation plan to cooperate during key international events: the St. Petersburg International Economic Forum, the Eastern Economic Forum in Vladivostok, and the Russian Investment Forum in Sochi. The two organizations also plan to sign a cooperation agreement.

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