2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Deposit insurance system (DIS) is a method of protecting customers' bank deposits. This is a special program implemented by the state. In the event of an insured risk event (for example, bankruptcy), the Deposit Insurance Agency (DIA) will promptly reimburse depositors for the entire amount they have previously deposited, and it also creates a list of banks included in the deposit insurance system.
How the Russian State CER works
The functioning of this structure is carried out in accordance with Federal Law No. d77-FZ of December 23, 2003
The main task of the entire state system is (in the event of the termination of the functioning of the banking structure) the return to the depositor of all his invested money at the expense of a certain source, which is financially completely independent of anyone and nothing. In addition to this,the depositor does not need to additionally conclude a special agreement on deposit insurance with the same banking structure. The list of banks included in the deposit insurance system is made up of all those financial institutions that provide a similar service.
Functions of the Agency
The main task of the Agency is to ensure the operation of the system for insurance of cash deposits of individuals. His rights apply to all parties and stages of relations between the bank, the Central Bank and depositors. The main functions of the institution:
• Control of replenishment of the insurance fund, collection of contributions from the parties.
• List of banks included in the deposit insurance system: its accounting, adjustment.
• Accounting for the presentation of depositors, accepting applications for reimbursement of deposits.
• Amount refunded.
• Determining the conditions and procedure for calculating bank fees.
• Investment of free funds for the purpose of additional profit in accordance with existing laws.
• Requiring banks to provide information support on the functioning of the entire insurance structure.
• Appeal to the Central Bank of the Russian Federation on the application of appropriate measures to banks that have violated its requirements.
CER Parties
The members of this system are clients of the banking structure of the Russian Federation:
• Banks licensed to deal with individuals, i.e. banks included in the deposit insurance system.
• Deposit Insurance Agency.
• CBR. It is the regulating link in this system.
• Citizens of the Russian Federation with the status of an individual.
• Individual entrepreneurs who do not have the status of a legal entity, but who open an account for operations within the framework of functioning on a professional basis (lawyers or notaries).
• Some agencies, which are also legally, like banks, previously recognized as insurance providers.
Which banks are included in the mandatory deposit insurance system in the Russian Federation? There is only one answer: only all banks participate. No single bank will be able to obtain an appropriate license if it is not a member of the DIS. As a system for protecting civil bank deposits in Russia, since 2003, there has been a system of cash deposit insurance (SSIS). The purpose of this system is to reimburse civil deposits from a certain financial source, if there has been a termination of the activity of any financial organization included in the list of banks participating in the compulsory deposit insurance system. Some additional financial source is needed - a reserve insurance fund. It was formed at the insurance agency. The basis for replenishing the fund (one of the few) is the banks of the Russian Federation that wish to work with a civilian.
And only after making a certain monetary contribution to the reserve fund, banks get the right to be licensed to carry out activities withindividuals. The fund is replenished by banks once a quarter. The amount of such contribution is set by the board of directors. It is the same for all banks, but sometimes it is subject to correction, which, in turn, may be based on the current economic situation, etc.
Insurable deposits
Deposits made in any currency are subject to insurance. If an insured event occurs, the depositor is reimbursed for the entire amount, but not exceeding 1.4 million rubles. The basis for insurance is the agreement that is concluded by the parties to open an account in the name of a bank client.
List of banks participating in the mandatory deposit insurance system
Any banking structure that has relationships with individuals on the basis of a license is included in the Agency's register. And vice versa - any bank from the mentioned register has a license to carry out transactions with individuals. If it is not included in the list of banks included in the deposit insurance system, then it will not be able to conduct the relevant operations.
A bank gets into the mentioned list only when it pays certain contributions to the insurance fund. And the insurance Agency, in turn, has the authority to exclude any bank and thus adjust the list of banks included in the deposit insurance system. Only in two cases can a bank be struck off the list:
• License revocation and discontinuance.
• Imposition of a moratorium by the Central Bank on the bank in accordancewith the requirements of creditors.
Currently, banks participating in the system of compulsory insurance of deposits of individuals compile a list that includes more than 1000 institutions.
First of all, these are all large and well-known institutions of modern Russian banking, these include:
• Sberbank;
• Gazprombank;
• Alfa-Bank;
• Rosselkhozbank;
• Raiffeisenbank and others
In addition, little-known institutions support deposit insurance: Plus Bank, LOKO-Bank, KEDR, etc.
To find out the list of banks participating in the mandatory deposit insurance system (there are more than 800 of them), just contact the Agency. The official website of this organization provides all the necessary information. He will also provide information about banks that have lost the right to conduct operations to invest funds in the account of individuals or engage in insurance of citizens' money.
Goals and mechanism of the Fund
This financial structure was created as the basis for the functioning of the mechanism for insuring civil money deposits. Its main and, probably, its only task is to return the entire deposit amount to civilians who are customers who have suffered from the cessation of the bank's operation due to any vital reasons. The Fund in the full sense is formed from the financial contributions made bybanks participating in the mandatory deposit insurance system, and from profits from investments of their own funds.
Main methods of fund replenishment
1. A state that replenishes the fund with a certain amount through the Central Bank of Russia. Currently, this amount is 7.9 billion rubles.
2. Banks participating in the system of compulsory insurance of deposits of individuals.
3. Income from investments of fund financial resources in securities of the largest organizations in deposits of the Bank of the Russian Federation. Investments are made exclusively in compliance with the requirements of the federal law on non-commercial organizations.
The main stock characteristic is its independence from any state structures and banks. This confirms that its funds cannot be used for other operations, except for the payment of insurance on deposits. An important distinguishing feature of this structure is that its funds do not include collections on the obligations of financial institutions included in the list of banks included in the deposit insurance system and making contributions.
Features of currency deposits
Deposits of Russians in banks in any foreign currency are necessarily insured. However, you need to know that in the event of an insured event, the amount is reimbursed in rubles. Accordingly, the recalculation is carried out in accordance with the exchange rate of the Central Bank for the currency that was invested at the time when the insurance arosesituation. The amount of insurance compensation is also one hundred percent of the total amount of the deposit, but not exceeding 1.4 million rubles. Interest rates of foreign currency deposits are also taken into account when returning. The procedure for returning foreign currency deposits is similar to ruble deposits.
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