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On Signing the Memorandum of Understanding and Cooperation between DIA and Indonesia Deposit Insurance Corporation

Date: 03.07.2019

On June 26, 2019 Saint Petersburg hosted signing of the memorandum of understanding and cooperation between the State Corporation "Deposit Insurance Agency" (Russian Federation" and the Indonesia Deposit Insurance Corporation (IDIC).

The memorandum was signed by Yuri Isaev, DIA Director General, on the part of the State Corporation "Deposit Insurance Agency" (DIA), and by Halim Alamsyah, Chairman, on the part of IDIC.

The purpose of the memorandum is to develop comprehensive interaction and cooperation of the parties to effectively impact maintenance of stability of the financial systems of the Russian Federation and the Republic of Indonesia.

The parties agreed to exchange information related to the methods of calculation of insurance contributions, various aspects of resolution of problem financial institutions, evaluation of sufficiency of deposit insurance funds, investment policy, principles and channels of information exchange, use of web applications, formation of information databases and introduction of new information and advanced communication technologies, the most up-to-date trends in development of the deposit insurance systems.

"Signing of the memorandum will expand capabilities of bilateral cooperation, activate exchange of experience in the sphere of protection of bank depositors and Strengthening the banking systems of the two countries on the basis of international standards and best practices," Yuri Isaev noted.

"Extension of cooperation with the Russian Deposit Insurance Agency on emerging issues of deposit insurance and resolution and liquidation of banks is an important step for us, given the wide experience gained by your Agency during the recent years", Halim Alamsyah stressed.

For reference:

SC DIA was established in January 2004 on the basis of Federal Law dated December 23, 2003 No. 177-FZ "On Insurance of Household Deposits in Banks of the Russian Federation". In compliance with the federal laws, the Agency performs the following main functions: insurance of bank deposits, guaranteeing of pension savings, exercise of powers of the liquidator (receiver) of credit institutions, NPF and insurance organizations and prevention of bankruptcy (resolution) of banks within the frameworks of actions coordinated with the Bank of Russia. Throughout its history, the Agency conducted 680 liquidation proceedings, paid out the insurance indemnity to 4.1 million of depositors amounting to about 2 trillion rubles.

Indonesia Deposit Insurance Corporation (IDIC) is a state establishment dealing with insurance of bank deposits and liquidation and resolution of credit and other financial institutions. It acts on the basis of Law of the Republic of Indonesia dated 2004 No. 24 "On Mandatory Deposits Guarantee". The insurance indemnity limit is 2 billion rupiah Indonesia (about 140 thousand USD).

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