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8 Apr 2016

Belarus, Russia to cooperate in bank deposit insurance

MINSK, 8 April (BelTA) – The Deposit Compensation Agency of Belarus and the Deposit Insurance Agency of Russia signed a memorandum of understanding on 8 April, BelTA has learned.

The document was signed at premises of the National Bank of the Republic of Belarus. NBRB Chairman of the Board Pavel Kallaur noted that it is impossible to ensure financial stability, including in the banking industry, without a system designed to guarantee the return of bank deposits. This is why it is important to establish tighter cooperation between the two agencies. “There is no doubt that we should interact with each other and share the best practices,” stressed Pavel Kallaur.

The memorandum provides for stepping up various forms of cooperation that allows using the practical experience of the sides, implementing joint research projects, working out and advancing joint initiatives within the framework of participation in international organizations.

It was noted that the Belarusian bank deposit compensation model proved its viability in 2015 when Delta Bank had to close down.

Alexander Pedko, Deputy Director General of the Deposit Compensation Agency of Belarus, reminded that Belarus guarantees the return of deposits to all depositors regardless of their citizenship. In Belarus deposits of any depositors are insured and will be completely compensated for, he stressed.

The Deposit Compensation Agency of Belarus has been established with a view to guaranteeing the compensation of monetary assets deposited by natural persons in bank accounts and in non-banking credit and finance institutions. The Agency also keeps a record of registered banks and makes sure that banks transfer mandatory contributions in full and on time. The Agency can also manage troubled banks when authorized by the central bank.

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