16.06.2022 (Обновлено: 28.06.2022 15:01)

Convergence of deposit insurance systems is another step towards EAEU common financial market

The Eurasian Economic Commission and the countries of the Eurasian Economic Union agreed at the expert level on a number of issues related to harmonizing the legislation on deposit insurance and prepared several relevant recommendations.
This was reported by EEC representatives at the international conference "Harmonization of Deposit Insurance Systems and Bank Resolution Regimes: Challenges and Best Practices" and at the meeting of the Expert Group on Deposit Insurance under the Commission, held on June 8-9 in Kazan (Russia).

In particular, the Expert Group developed 13 expert opinions on the terms of payment commencement, the amount of insurance compensation, payment of compensation in the deposit currency, mechanisms for extending insurance protection, etc.

About 100 representatives of bank deposit insurance organizations, national/central banks from 13 countries, international organizations and regional associations of deposit insurers took part in the event organized by the Russian State Corporation Deposit Insurance Agency jointly with the EEC.

The conference discussed key issues of deposit insurance, including the target amount of the deposit insurance fund, the possibility of reducing or suspending the contribution payment by banks participating in the deposit insurance system, and financial support mechanisms for deposit insurance organizations.

For reference

Expert Group on Deposit Insurance established in 2019 by decision of EEC Advisory Committee on Financial Markets. The key objectives of the group's activities are to analyze the EAEU countries' national legislation and the best international practice for deposit insurance, liquidation, financial recovery and bank insolvency, to exchange information between deposit insurers and central banks, prepare proposals for harmonization of legislation to be considered by the advisory committee on financial markets.