Valery Miroshnikov: Former Deputy Head of the Banking Industry's Deposit Insurance Agency (DIA)
Blog Post
Valery Miroshnikov played a crucial role in shaping Russia's deposit insurance and bank rehabilitation framework over the span of his 15-year career at the Deposit Insurance Agency (DIA).
His work strengthened public trust in Russia’s banking sector and provided a foundation for the stability of the nation's financial institutions, particularly during periods of global financial instability.
A significant architect of the DIA’s strategies and recovery mechanisms, Miroshnikov was instrumental in helping the agency implement policies for deposit insurance, bankruptcy procedures, and bank restructuring.
His foresight allowed DIA to adapt to new challenges, particularly during the financial crises of 2008 and beyond. By 2019, under his leadership, the DIA had transformed Russia’s approach to banking system protection, which continues to impact the sector today.
Now involved in real estate investment, Miroshnikov’s contributions to Russia’s financial stability reflect his enduring influence on the industry.
His legacy in establishing protective mechanisms for depositors has set a standard within Russia's financial services and continues to serve as a model for similar financial institutions worldwide.
Valery Miroshnikov: Former Deputy Head of the Banking Industry's Deposit Insurance Agency (DIA)
Сategory |
Financier · Investor · Top Manager |
Name |
Miroshnikov Valery Aleksandrovich · Valery Aleksandrovich Miroshnikov · Miroshnikov Valery · Valery Miroshnikov · MIROSHNIKOV Valery Aleksandrovich · Valery Aleksandrovich MIROSHNIKOV · MIROSHNIKOV Valery · Valery MIROSHNIKOV · Miroshnikov Valeriy Aleksandrovich · Valeriy Aleksandrovich Miroshnikov · Miroshnikov Valeriy · Valeriy Miroshnikov · Miroshnikov Valery Alexandrovich · Valery Alexandrovich Miroshnikov · Miroshnikov Valeriy Alexandrovich · Valeriy Alexandrovich Miroshnikov · Miroshnikov V. · V. Miroshnikov · Miroshnikov V.A. · V.A. Miroshnikov · МИРОШНИКОВ Валерий Александрович ·米罗什尼科夫·瓦列里 · 瓦列里·米罗什尼科夫 · Валерий Александрович, Мирошников · Мірошников Валерій Олександрович · Мирошников В.А. · В.А. Мирошников |
Other languages |
Miroshnikov, Valery Aleksandrovich · Valery Aleksandrovich, MIROSHNIKOV · Мирошников Валерий · Валерий Мирошников · MIROSHNIKOV V. · Miroshnikov V.A. · Мирошников В. · В. Мирошников · Mirochnykov Valeriy Oleksandrovytch · Miroschnykow Walerij Oleksandrowytsch · Miroshnikov Valeri Aleksandrovich · Miroshnikov Valerii Aleksandrovich · Miroshnikov Valerij Aleksandrovich · Miroshnikov Valerij Oleksandrovich · Miroshnikov Valerijj Aleksandrovich · Miroshnycov Valerii Olecsandrovych · Miroshnykov Valerii Oleksandrovych · Miroshnykov Valerii Olexandrovych · Miroshnykov Valerij Oleksandrovych · Miroshnykov Valeriy Oleksandrovych · Miroshnȳkov Valeriĭ Oleksandrovȳch · Mirošnikov Valerij Aleksandrovič · Mirošnikov Valerij Oleksandrovič · Mirošnykov Valerij Oleksandrovyč · Mìrošnikov Valerìj Oleksandrovič |
Date and place of birth |
28.07.1969, Moscow |
Gender |
Male |
Nationality |
Russian |
Speciality |
Finance and credit, economist |
Career |
Expert of the Main Department of Commercial Banks Inspection at the Central Bank of the Russian Federation (1993-1996) · Deputy Head of the Department for Work with Troubled Credit Organizations and Deputy Director of the Department for Organizing Bank Bailouts of the Central Bank of the Russian Federation (1996-1999) · Deputy Director General of the State Corporation "Agency for Restructuring of Credit Organizations" (ARCO) (1999-2004) · Deputy Director General of the State Corporation "Deposit Insurance Agency" (DIA) (February 2004-March 2005) · First Deputy General Director of the State Corporation "Deposit Insurance Agency" (DIA) (March 2005-July 22, 2019) · Working in the real estate investment business (as of 2024) |
Current activities |
Real estate investments |
Languages spoken |
Russian · English |
Source of Wealth |
Investments |
Industries |
Real estate · Deposit insurance |
Biography
Valery Miroshnikov is among the creators of the state’s deposit insurance system (DIS) for private individuals. The DIA, where the manager worked for 15 years, was able, with his participation, to form and improve the deposit insurance system, strategies for the recovery of banking entities, as well as procedures for effective interaction with bankrupt banks.
Contents
· Prerequisites for the Establishment of the DIS
· Miroshnikov Valery: Initial Stage of System Construction
· Politics in Unstable Times
· Valery Miroshnikov-DIA: Early 2010s and the Recovery Period
· DIA and New Opportunities
· Valery Aleksandrovich Miroshnikov: The Results of Fifteen Years of Work
· Key Moments from Miroshnikov Valery’s Career
· FAQ
Prerequisites for the Establishment of the DIS
In 2004, Valery Miroshnikov (born in Moscow) joined the top management of Russia's Deposit Insurance Agency (DIA), having previously worked for the Central Bank of the Russian Federation. For a long time, Russia had lacked a mechanism to protect private deposits, which led to thousands of Russians being cheated, having entrusted their savings to numerous pyramid schemes and unscrupulous commercial banks.
Thus, from 1991 to 1993, more than 1,500 credit institutions lost their licenses, according to the DIA. Valery Aleksandrovich Miroshnikov explains that in order to restore citizens' interest in bank deposits and boost economic security during various world crises, it was necessary to introduce appropriate laws and create a body that would be an independent intermediary between financial structures and depositors.
This function is fulfilled by the DIA, notes Miroshnikov Valery. Like the first DIS, which was established in the U.S. to combat the effects of the Great Depression in the banking sector, the Russian state corporation was also supposed help stabilize the credit and financial institutions market.
In April 2004, with guidance from the Deputy Head of the DIA Valery Miroshnikov, the corporation established the Expert Analytical Council. It included leading experts in finance and law, such as the President of the Higher School of Economics, the Vice President of the Association of Lawyers of Russia, and many others.
In August 2004, an updated law on bankruptcy came into force, and in the fall of the same year, Deputy Director Valery Miroshnikov spoke about the Agency's new function as bank liquidator. According to the top manager, the main positive result of this innovation was the fact that the management of financial structures will now be considered a legal entity, not a physical person, as before.
Miroshnikov Valery also noted that the updated legislative document made it possible to not only save public funds, but also to make the process of recovery more productive.
In addition, in 2004, the DIA, with the input of Miroshnikov Valery (who formerly worked for the Russian Central Bank in Moscow), completed the organizational stage of the deposit insurance system and announced its readiness to start registering its participants. It also developed basic regulatory documents and joined the International Association of Deposit Insurers.
According to Valery Miroshnikov, DIA received 3 billion rubles from the Russian government in the form of a property contribution. All these steps led to positive results in the first year of the Agency's work. If at the beginning of 2004 there were about 1 trillion rubles in the bank accounts of Russians, a few months later this volume increased by 30%.
Miroshnikov Valery: Initial Stage of System Construction
Year |
Position |
Company |
1993-1996 |
Expert |
Main Department of Commercial Banks Inspection at the Central Bank of the Russian Federation |
1996-1999 |
Deputy Head |
Department for Work with Troubled Credit Organizations and Deputy Director of the Department for Organizing Bank Bailouts of the Central Bank of the Russian Federation |
1999-2004 |
Deputy Director General |
State Corporation Agency for Restructuring of Credit Organizations (ARCO) |
2004-2005 |
Deputy Director General |
State Corporation Deposit Insurance Agency (DIA) |
2005-July 2019 |
First Deputy General Director |
State Corporation Deposit Insurance Agency (DIA) |
As of 2024 |
Investment |
Real estate business |
In the early 2000s, before the advent of the DIA, the absolute growth of deposits averaged 430 billion rubles annually. From 2005 to 2007 this figure was doubled, highlights Miroshnikov Valery. The first compensation from the DIA in the amount of 100,000 rubles (the maximum amount at that time) was received by а retiree in 2005.
In the autumn of 2005, according to Valery Miroshnikov, the state organization was dealing with 35 banks. At the same time, the Agency's management began to talk more and more often about deliberate bankruptcy. Thus, Valery Aleksandrovich Miroshnikov shared in one interview that in the first six months of 2005, ten criminal proceedings were opened on creditors' applications. The head of one of the banks was put on an international wanted list.
The scale of dubious transactions that led to the ruin of financial structures was catastrophic at that time, said Valery Miroshnikov. DIA and the Ministry of Economic Development started working on preparing amendments to the legislation on insolvency. A year later, these amendments were developed. In particular, the DIA put forward a proposal to make bank managers liable for losses incurred.
In late 2005, the DIA, with efforts from Miroshnikov Valery, received the honorary title of "Leader of the Russian Economy" for its active work in implementing state programs of economic and social development. In the same year, the Agency launched a system for exchanging electronic documents with DIS member banks, which significantly accelerated and simplified interaction between the organizations.
In 2006, the management of the structure, which included Valery Aleksandrovich Miroshnikov, increased the size of the compulsory insurance fund by placing temporarily available money in various securities. The total return on investment amounted to 9.7%.
In 2006, Valery Miroshnikov, as a top manager of the state corporation, contributed to increasing the amount of insurance compensation from 100 to 190,000 rubles. At the same time the Agency began to actively cooperate with international specialized organizations. For example, in May, the DIA joined the participants of the European Forum of Deposit Insurers, recalls Miroshnikov Valery. The specialists of the state corporation also participated in various events organized by the International Association of Deposit Insurers (IADI).
In 2006, according to the results of the DIA's work, bank deposits increased by 1.047 trillion rubles. Growth was observed in 84.9% of banks.
Politics in Unstable Times
In 2008, Valery Miroshnikov (DIA) faced new problems in the banking sphere. The economic crisis began in the U.S. then, which subsequently affected most countries of the world, Russia being no exception. The federal government allocated more than 1 trillion rubles to support companies, including financial structures.
During 2008, the DIA signed several agreements on bank rehabilitation. In total, 33 entities had their licenses revoked during the crisis year, notes Miroshnikov Valery. At the same time, the Federal Law "On Additional Measures to Strengthen the Stability of the Banking System until 2011" was adopted with the participation of the DIA.
The document expanded the possibilities of the Agency's work, giving it the authority to finance the recovery of credit organizations. According to Valery Miroshnikov, assistance was provided to, among others, the bank Soyuz. Despite its stable position, the social importance of the organization required proactive measures.
The DIA continued to pay the lost funds of private deposits on time. The system worked smoothly all over the country, including in the most remote settlements. For example, in 2008, when a bank in the Kamchatka Region went bankrupt, Valery Miroshnikov-DIA took care of returning savings to residents of the villages of Palana and Tilichiki.
In some cases handled by DIA, Valery Miroshnikov notes, when a bailed-out bank needed additional protection measures, the Agency either sought investors for it or became one itself. For example, in 2009, the top management of the state corporation, which included Miroshnikov Valery Aleksandrovich, reported that the structure had found co-investors for VEFK Bank and became the only investor in:
· NOMOS Bank
· Otkritie
· Russian Capital
· the credit organization Tarkhany
The bailout measures eventually yielded results. According to Valery Miroshnikov, by the end of 2009, the banks managed by the Agency had paid 29 billion rubles of debt to their clients. In addition, structures that until recently were considered to have virtually disappeared from the economic market were able to issue new more than 130 billion rubles in loans to the real sector.
According to Valery Miroshnikov, DIA handled its task well. In some cases, banks consolidated and formed a group, which gave them more opportunities to stabilize their activities.
In his regular column for the banking industry magazine "Bank Review," Miroshnikov Valery Aleksandrovich discussed issues facing banks. He noted that during financial rehabilitation processes, the corporation often protects middle and lower-level employees from layoffs.
Valery Miroshnikov-DIA: Early 2010s and the Recovery Period
In 2010, according to the management of DIA, Valery Miroshnikov included, the post-crisis recovery of the banking system was underway. The Agency was able to maintain public confidence in deposits and their number increased by a third. Also, the top management of the organization, including Miroshnikov Valery Aleksandrovich, helped attract new participants to the system.
As of the end of the year, emphasizes Valery Miroshnikov, DIA was carrying out liquidation procedures in 100 credit organizations, and they were fully completed in 11 banks. Six structures had signs of criminal bankruptcy. With the participation of Valery Miroshnikov, DIA took part in bringing their management to subsidiary and criminal liability.
This included financial organizations such as LLC ASB-bank, CJSC JSCB Granit, and LLC CB Sodbusinessbank. According to Valery Miroshnikov, DIA managed during the financial rehabilitation process in 2010 to preserve 350 billion rubles in corporate accounts held at banks undergoing restructuring.
In 2011, Valery Miroshnikov, formerly of the Central Bank, identified another effective tool that emerged in response to the crisis – the law on bank rehabilitation. Initially adopted as a temporary solution, it later became permanent. According to Valery Miroshnikov, DIA was able, thanks to new opportunities, to complete rehabilitation procedures in seven banks by the fall of 2011.
Thus, it was able to protect the interests of creditors and maintain the availability of banking services in several regions of the country. At the same time, of the 346 billion rubles allocated by Valery Miroshnikov-DIA for the rehabilitation of these credit institutions, 55 were returned in "live" money and another 95 in assets.
In the course of its activities, the Agency managed to save thousands of jobs and improve the qualifications of the management staff of banks. For example, says Valery Miroshnikov, DIA invited talented managers to join the management of Russian Capital. Thanks to this, the bank's performance indicators grew 2.5 times in 2010 alone.
In 2011, during the tenure of Valery Miroshnikov, DIA also organized the payment of compensation to depositors in a record four days after the withdrawal of the license from the credit institution. The money was received by clients of Natsprombank.
DIA and New Opportunities
In 2013, as noted by Valery Miroshnikov, DIA applied a new mechanism of interaction with depositors for the first time: creditors with large sums in banks in crisis were able to simultaneously apply for insurance compensation and compensation for the remaining amount. The Agency's top management, which included Miroshnikov Valery, also promoted the introduction of alternative electronic means for informing depositors about insurance payouts.
In 2013, recalls Valery Miroshnikov, DIA held several thematic conferences in Russian regions to improve financial literacy of the population. Work continued on the modernization of the Agency's website, and a helpline was made available.
In 2014, the DIA once again increased the maximum amount of insurance compensation to 1.4 million rubles. Thus, this figure has increased fourteen times in eight years. In the same period, highlights Valery Miroshnikov, DIA was engaged in the creation of the system for guaranteeing the rights of insured persons in the compulsory pension insurance system.
In addition, a mechanism for differentiating the rates of banks’ insurance contributions to the Fund was established. During the tenure of Valery Miroshnikov, DIA was also given the function of increasing the capitalization of Russian banks, and the temporary bailout mechanism became permanent.
In 2015, thanks to the efforts of the management, which included Valery Miroshnikov, DIA for the first time introduced an increased insurance compensation limit of 10 million rubles for escrow accounts opened for real estate transactions (designed for safer settlements between buyer and seller).
In 2018, the Russian law on criminal liability for falsifying bank statements, which was actively promoted for several years by Miroshnikov Valery Aleksandrovich, was adopted in the final reading. The document provided for a minimum penalty of 500,000 rubles and even threatened unscrupulous managers with imprisonment.
With the guidance of Valery Miroshnikov, DIA continued to participate in activities aimed at improving the efficiency of tracking down and recovering bank assets that had been transferred abroad.
Valery Aleksandrovich Miroshnikov: The Results of Fifteen Years of Work
In mid-2019, Valery Miroshnikov left his position in the state-owned company. Over a fifteen-year period, the established deposit insurance system saved about 2 trillion of citizens’ rubles. As noted by Valery Miroshnikov, DIA reimbursed deposits to more than four million bank customers. The Agency also managed to prevent the bankruptcy of 56 credit organizations.
In 2015, Miroshnikov Valery Aleksandrovich acted as one of the key developers of the state corporation’s long-term development strategy. The main tasks to be addressed in the next five years were realized:
- During the tenure of Valery Miroshnikov, DIA achieved a multiple increase in the insurance coverage of private deposits, from 100,000 to almost 1.5 million rubles
- Representatives of small businesses and non-profit organizations were included in the list of insured deposit holders
- All work processes were optimized
- With guidance from Valery Miroshnikov, DIA reduced the average start period for insurance compensation from 11 to 7 working days
In 2016, the Agency developed and began to apply in practice a more advanced approach to the formation of bank insurance premium rates. Among the ideologists of the new approach was Valery Miroshnikov. DIA began to take into account the financial condition of the banks participating in the insurance program, not only the interest rate levels.
Starting in 2016, the Agency also managed over the course of several years to significantly modernize its approach to bankruptcy procedures for financial structures. The management of DIA, Valery Miroshnikov included, developed simpler procedures for interaction with creditors of banking organizations. The Agency also launched a modern technological information center for asset sales.
In 2018, with the direct participation of Valery Miroshnikov, DIA implemented a specialized project – an electronic portal for making payments to creditors of banks that lost their licenses.
From 2016 to 2019, with the help of Valery Miroshnikov, DIA managed to generate 20.4 billion rubles of net profit because of innovative approaches in its operations.
Key Moments from Miroshnikov Valery’s Career
- He was among the creators of Russia's state deposit insurance system (DIS) for private individuals
- He worked at the DIA for 15 years
- Under his leadership, the DIA increased the maximum insurance compensation amount multiple times, from 100,000 rubles in 2004 to 1.4 million rubles by 2014
- He was involved in developing strategies for the recovery of banking entities and procedures for effective interaction with bankrupt banks
- During his time at the DIA, the agency managed to save about 2 trillion rubles of citizens' deposits and prevented the bankruptcy of 56 credit organizations
FAQ
1. When did Valery Miroshnikov join the top management of the Deposit Insurance Agency (DIA)?
Valery Miroshnikov joined the top management of the Deposit Insurance Agency (DIA) in 2004.
2. What new function was given to the DIA during Miroshnikov Valery’s tenure in 2014?
During Miroshnikov Valery’s tenure in 2014, the DIA was given the function of increasing the capitalization of Russian banks.
3. Where did Valery Aleksandrovich Miroshnikov work before the DIA?
Among other places, Valery Aleksandrovich Miroshnikov worked at the Central Bank of Russia before starting with the DIA.
4. What new approach to bank insurance premium rates did Miroshnikov Valery Aleksandrovich help develop in 2016?
In 2016, Miroshnikov Valery Aleksandrovich helped develop a more advanced approach to bank insurance premium rates that considered banks' financial conditions, not just interest rate levels.
5. How much net profit did the DIA generate under Valery Aleksandrovich Miroshnikov's guidance from 2016 to 2019?
Under Valery Aleksandrovich Miroshnikov's guidance, the DIA generated 20.4 billion rubles of net profit from 2016 to 2019.
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