Insurance of deposits of individuals. Deposit insurance law

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Deposit insurance in the Russian Federation is a special mechanism for protecting citizens' funds. The main idea of the system is to ensure a quick payment from an independent source of finance (for example, a special fund) in the event of the termination of the activity of the organization in which the savings were located. Let us consider further in more detail how compulsory deposit insurance is carried out.

System Benefits

As the experience of most economically developed countries shows, deposit insurance in banks acts as an effective tool for solving a complex of macroeconomic and social problems. First of all, the savings guarantee system helps to prevent panic among citizens. This, in turn, ensures the stable operation of the banking system. At the same time, CER contributes to the reduction of social costs for the elimination of the consequences of the crisis. Individual deposit insurance, among other things, increases public confidence in financial and creditorganizations. This creates prerequisites for a long-term increase in private deposits. Today, public deposit insurance exists in 104 countries around the world.

Insurance of deposits of individuals in Russia

It is carried out in accordance with the relevant Federal Law. The law "On insurance of deposits" was adopted in 2003, on December 23. Its provisions determine the operation of the CER, the procedure for providing guarantees. In particular, in accordance with the Federal Law, all savings of citizens placed on accounts provided by banks registered in Russia are subject to protection. Deposit insurance of individuals also applies to funds held on cards (except for credit cards), since they also act as ordinary accounts. Savings protection is carried out by virtue of the specified Federal Law. This means that there is no need to additionally conclude a contract for a guarantee. DIA - Deposit Insurance Agency operates on the territory of Russia. This corporation was formed in 2004, in January. The Deposit Insurance Agency oversees and manages the system. In Russia, participation in DIS is an integral part of the activities of organizations that attract and store citizens' savings. At the moment, more than 800 banks are included in the insurance system.

Amount of compensation

Reimbursement for deposits in the organization, in respect of which an insured event occurred, is carried out in 100% of the amount of funds stored, but not more than 1,400,000 rubles. Savings held in foreign currency accounts are translated at the exchange rate at the time of the event. The maximum amount of compensation - 1.4 million rubles - is accrued on deposits kept in one bank on different accounts (or one). Savings held in different financial institutions are provided independently of each other.

Important moment

After the insurance indemnity is paid, the depositor's right to claim for amounts exceeding the amount of guarantees is satisfied in the process of bankruptcy proceedings of first priority creditors. The rights to claim the amount of compensation paid are transferred to the DIA. If the depositor was granted a loan at the bank in respect of which the insured event occurred, the amount of compensation is reduced by the amount of counterclaims of the financial and credit organization as of the date of termination of its activity.

Reimbursement cases

The Law establishes the following circumstances under which compensation is paid to depositors:

1. Cancellation (revocation) of a license.
2. Introduction of a moratorium by the Bank of Russia on financial transactions.

Payments of compensations begin within three working days from the date of submission of documents to the DIA, but not earlier than two weeks from the occurrence of any of the above circumstances. Reimbursement of deposits is carried out either at the Agency's office (if the total amount and number of depositors are small), or in one or more authorized divisions, orby mail. For each individual situation, a specific procedure for the provision of compensation is established.

Exceptions

Not insured:

1. Funds on the accounts of notaries and lawyers, if they are open for the performance of professional activities provided for by the Federal Law.
2. Bearer deposits.
3. Transfer funds without opening an account.
4. Deposits in foreign branches of domestic banks.
5. Funds on depersonalized metal accounts.
6. Savings transferred to a banking organization in trust.
7. Money intended for settlement only using electronic means of making payments without opening an account with a financial and credit company.

Financial Basics

Insurance of deposits of individuals is carried out with the support of an independent Fund. Its size as of May 7, 2014 amounted to 195.7 billion rubles. (minus the created reserve for the payment of compensation in cases of occurrence - 157.6 billion rubles). The main financial sources for the formation of the Fund are the state property contribution - 7.9 billion rubles, as well as insurance bank contributions and investment income from its funds. Contributions are the same for all financial and credit organizations and must be paid quarterly. The tariff is determined by the board of directors of the DIA. Currently, the rate is 0.1% of the average insured savings of individuals for the corresponding quarter.

Historicalfacts

From the moment when the deposit insurance of individuals began to operate, the amount of compensation has increased 14 times. At the initial stage, it was 100 thousand rubles. Since August 2006, payments have increased to 190,000 rubles, from March 2007 - up to 400,000, from October 2008 - up to 700,000 rubles. In 2014, the State Duma adopted an amendment, according to which the maximum amount of compensation became 1.4 million rubles. More than 180 insured events have occurred during the entire period of existence of the CER.

Read more about the amendment

The doubling of the amount of compensation was due to the panic of depositors. According to bankers, this step of the State Duma is very positive, but it is unlikely to be able to contribute to the inflow of deposits. The Financial Markets Committee decided to support this project. The meeting was held in an unconventional mode and was hidden from journalists. As noted by the head of the Committee, Burykina, the amendments were not finalized at that time, and in order to avoid discrepancies, the discussion should be held without media representatives.

Meeting agenda

The committee had to consider two bills. The first concerned the doubling of the insurance payment, and the second - the formation of an inter-factional group of deputies, which would be engaged in stabilizing the situation on the Russian financial market. However, the discussion also touched upon a number of other topical issues.

Reasons for increased reimbursement

The need for urgent action wasdue to a significant outflow of citizens' funds from ruble accounts. So, since the beginning of 2014, it amounted to about 216 billion rubles. With the financial crisis that began in December, the risk of an outflow has increased significantly. Bankers point to the massive desire of Russians to transfer their funds to foreign currency accounts, as well as invest in property. According to Aksakov, president of the Rossiya association, an increase in the amount of insurance will contribute to the inflow of money into domestic financial companies. As proof of his position, he cites the situation in 2008. During that period, there was an outflow of deposits, amounting to 7%. After increasing the amount of insurance to 700 thousand rubles. the volume of deposits of citizens increased by 10% in October.

Work of DIA under new conditions

With the adoption of the amendment to increase insurance compensation, as Aksakov notes, the system of deductions to the fund is unlikely to undergo any changes. With a significant decrease in the DIA reserve, it can apply for a loan from the Central Bank. This possibility is provided for by the Federal Law on CERs. As Isaev (head of the agency) noted, the decision will affect the work of the corporation, but there has not yet been a need to contact the Central Bank.

Additional opportunities for citizens

As mentioned above, bankers consider the increase in insurance payments a very positive decision. At present, the average value of deposits of the population is 500 thousand rubles. Such a relatively small figure is due to the fact that many split their funds and to reducerisks opened accounts in different financial institutions. With an increase in insurance payments, depositors get the opportunity to accumulate large amounts in one bank. At the same time, the increase in compensation acts as an additional guarantee of the Government. This, in turn, along with other things, also contributes to increasing confidence in the domestic financial sector. At the same time, according to bankers, the adoption of the amendment will reduce the rate of cancellation and selection of licenses in order to avoid increasing the burden on the insurance fund.