OREANDA-NEWS. February 21, 2012. The State Corporation “Deposit Insurance Agency” (Russia) and the Deposit Guarantee Fund (Ukraine) concluded Memorandum of Understanding and Cooperation. The document is aimed at developing bi-lateral interaction in the areas of enhancement of national deposit insurance systems, contributing to the Russian Federation and Ukrainian banking systems’ stability, including strengthening public confidence in banks operating on both countries’ territory.

Exchange of practical experience in managing deposit insurance systems including exchange of information, organization of bi-lateral research and educational conferences and seminars, and establishing joint working groups – will become main areas of mutual cooperation. Moreover, the parties agreed to conduct professional and public discussions on issues relating to deposit insurance system activities, cooperation in the public relations area, and organization of staff training programs.

Reference information:

The Deposit Insurance Agency (the Agency) was established in January 2004 based on the Federal Law #177-FZ, dated December 23, 2003 “On Insurance of Households’ Deposits in Banks of the Russian Federation”. The Agency’s basic goals and objectives are - ensuring smooth operation of the deposit insurance system and effective implementation of bank resolution measures.

The Deposit Guarantee Fund (Ukraine) is a specialized government institution of public administration in the deposit guarantee sphere, and it acts in accordance with the Law of Ukraine “On Deposit Guarantee Fund”, which came into force on October 24, 2001.