MOSCOW, December 25 Russian President Vladimir Putin signed a law on improving the deposit insurance system (DIS) and including a number of more persons in it, including medium-sized enterprises. The document is posted on the website of the official publication of legal acts.
Previously, deposits of small enterprises included in the register of small and medium-sized businesses (SMEs), as well as certain types of non-profit organizations, were subject to insurance. The insurance indemnity limit is 1.4 million rubles.
The law includes in this list medium-sized enterprises that are in the SME register; socially oriented non-profit organizations; trade unions and trade union organizations; as well as lawyers, notaries and other individuals who have opened bank accounts (deposits) for professional activities. At the same time, funds in bank accounts (deposits) of individuals providing professional services in the financial market are not subject to insurance.
The law also clarifies the rules relating to cash reserves, including regarding the payment of insurance premiums to the compulsory deposit insurance fund. The basic insurance premium remains the same, but at the same time it is proposed to avoid paying an additional contribution if the threshold value of the basic return on deposits is exceeded, Alexey Guznov, deputy chairman of the Bank of Russia, explained earlier.
He also drew attention to the fact that the Central Bank's measures against banks affect the assessment of their financial position. Taking into account the situation in 2022-2023, it is proposed not to include anti-sanctions measures in the assessment, including restrictions on specific organizations, Guznov said.
In addition, the law gives the Board of Directors of the Deposit Insurance Agency the authority to approve general principles and approaches to the organization and development of internal control and risk management systems. The DIA Board of Directors will also decide on activities to assess the reliability and effectiveness of these systems.
In addition, it is provided that when paying compensation for deposits, the depositor’s claims to the bank for payment of the deposit amount are first satisfied, then for the payment of interest. When settling with creditors, their claims for the principal amount of debt are first repaid, and then for interest.
The law will come into force 10 days after official publication, with the exception of certain provisions that will come into effect later.