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On Signing of Memorandum of Understanding and Cooperation between DIA and Mexico Bank Deposit Insurance Institute

Date: 05.06.2018

On 28 May 2018, the State Corporation Deposit Insurance Agency (Russian Federation) (hereinafter DIA), and the Instituto para la Proteccion al Ahorro Bancario (United Mexican States) (hereinafter IPAB) signed the Memorandum of Understanding and Cooperation in Moscow.

On behalf of DIA the Memorandum was signed by its General Director Yuri Isaev, on behalf of IPAB - by Executive Secretary Raul Castro Montiel. Other participants of the ceremony included IPAB Deputy General Director Eugenia Kuri Alamillo and DIA management.

Signing of the Memorandum will extend the bilateral cooperation and promote mutual consultations, sharing of opinions on and experience in protection of bank depositors and contribute to strengthening of banking systems of the two countries based on the international standards and best practices, noted Yuri Isaev.

Extension of cooperation with the Russian side on emerging issues of our deposit insurance systems operation is an important step for us aimed at the development of mutually beneficial bilateral relations. We hope that the consultations between our organizations on deposit insurance and bank resolution will contribute to the further enhancement of our dialogue, emphasized Raul Castro Montiel.

The meeting also included discussion of issues of practical interest for the development of deposit insurance systems of both countries with due regard to the world best practices. The parties affirmed their intention to develop bilateral cooperation and interaction in the areas of mutual interest, including arrangement for reimbursement of insured depositors, bank resolution and liquidation, asset recovery, crisis management and depositor awareness issues.

*For reference:

Instituto para la Proteccion al Ahorro Bancario (IPAB) is a government institution dealing with bank deposit insurance. The coverage limit amounts to two million four thousand peso (about USD 125,000). Bank deposits of individuals and legal entities are subject to insurance.

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