Deposit Insurance Agency
Encyclopedia
Deposit Insurance Agency (DIA) is a State corporation providing deposit insurance
in the Russian Federation. Its headquarters are located in Moscow
.
The DIA was established in January 2004 on the basis of the Federal law «On the Insurance of Household Deposits in Banks of the Russian Federation» # 177-FZ dated 23 December 2003. To ensure operations of deposit
insurance system the Agency shall pay out deposit compensation amounts to depositors in case of insurance event; keep register of banks-participants of DIS; monitor the formation of deposit insurance Fund, including insurance premiums of banks; manage the resources of the deposit insurance Fund.
Owing to the enactment of the Federal Law «On amendments to the Federal Law "On insolvency (bankruptcy) of credit institutions" and declaration invalid of some legal acts of the Russian Federation» dated 20.08.2004 # 121-FZ an institute of corporate Receiver of insolvent banks was established in Russia. The functions of the Receiver were delegated to the Agency.
was killed on 14 September 2006.
The DIA has also the executive committee which head is now Aleksandr Turbanov.
Deposit insurance
Explicit deposit insurance is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due...
in the Russian Federation. Its headquarters are located in Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
.
The DIA was established in January 2004 on the basis of the Federal law «On the Insurance of Household Deposits in Banks of the Russian Federation» # 177-FZ dated 23 December 2003. To ensure operations of deposit
Deposit account
A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the...
insurance system the Agency shall pay out deposit compensation amounts to depositors in case of insurance event; keep register of banks-participants of DIS; monitor the formation of deposit insurance Fund, including insurance premiums of banks; manage the resources of the deposit insurance Fund.
Owing to the enactment of the Federal Law «On amendments to the Federal Law "On insolvency (bankruptcy) of credit institutions" and declaration invalid of some legal acts of the Russian Federation» dated 20.08.2004 # 121-FZ an institute of corporate Receiver of insolvent banks was established in Russia. The functions of the Receiver were delegated to the Agency.
Management
The DIA has two government bodies. The highest is the Board of directors, consisted of seven member presenting the Government of the Russian Federation, five from the Bank of Russia and General Director of the Agency. Current General Director of the Agency is Minister of Finance Aleksei Kudrin. One of members of the Board of directors, Andrei KozlovAndrei Kozlov
Andrei Andreyevich Kozlov was the first deputy chairman of the Central Bank of the Russian Federation from 1997 to 1999 and again in 2002 to 2006....
was killed on 14 September 2006.
The DIA has also the executive committee which head is now Aleksandr Turbanov.