Insurance of deposits in the Russian Federation is aa special mechanism for protecting the monetary funds of citizens. The main idea of the system is to ensure a quick payment from an independent source of finance (for example, a special fund) upon the termination of the organization in which the savings were located. Let's consider further in more detail, how the obligatory insurance of deposits is carried out.
As experience shows for the most part economicallydeveloped countries, deposit insurance in banks acts as an effective tool for solving a complex of macroeconomic and social problems. First of all, the system of guaranteeing savings helps to prevent panic among citizens. This, in turn, ensures the stable operation of the banking system. Together with this, CER contributes to the reduction of social costs for the liquidation of the consequences of the crisis. Insurance of deposits of individuals, among other things, increases public confidence in financial and credit organizations. This creates the prerequisites for a long-term increase in private deposits. Today, state deposit insurance exists in 104 countries around the world.
Individual deposits insurance in Russia
It is carried out according to the corresponding Federal Law. The Law on Deposit Insurance was adopted in 2003, on December 23. Its provisions determine the effect of CERs, the procedure for providing guarantees. In particular, in accordance with the Federal Law, all savings of citizens placed on accounts provided by registered banks in Russia are subject to protection. Individual deposits insurance also extends to funds held on cards (other than credit cards), since they also act as ordinary accounts. Protection of savings is carried out by virtue of this Federal Law. This means that there is no need to conclude an agreement on guarantees. On the territory of Russia, the DIA - Deposit Insurance Agency operates. This corporation was formed in 2004, in January. The Deposit Insurance Agency provides control and management of the system. In Russia, participation in CERs is an integral part of the activities of organizations engaged in the attraction and storage of citizens' savings. To date, the insurance system includes more than 800 banks.
The amount of compensation
Reimbursement for deposits in organizations, with respect towhich took place an insurance event, is carried out in 100% of the amount of funds held, but no more than 1 400 000 rubles. Savings on foreign currency accounts are translated at the exchange rate at the time of the occurrence of the event. The maximum amount of compensation - 1.4 million rubles - is accrued on deposits held in one bank on different accounts (or one). Savings in various financial institutions are provided independently of each other.
After the insurancethe right of claiming the depositor for amounts exceeding the amount of guarantees is satisfied in the process of bankruptcy proceedings of the creditors of the first stage. Rights of claims for the amount of compensations paid go to the DIA. In the event that a depositor has been granted a loan in a bank in respect of which an insured event has occurred, the amount of compensation is reduced by the amount of counterclaims of the financial and credit organization as of the date of termination of its activities.
Cases of compensation
The Law establishes the following circumstances under which compensation is paid to depositors:
- Cancellation of license.
- The introduction of the moratorium by the Bank of Russia on the conduct of financial transactions.
Compensation payments begin within threeworking days from the moment of submission to the DIA of the documents, but not earlier than two weeks from the date of occurrence of any of the above circumstances. Refunds on deposits are made either in the Agency's office (in the event that the total amount and number of depositors are small), or in one or more authorized units, or by mail. For each individual situation, a specific procedure for providing compensation is established.
Insurance is not subject to:
- Funds in the accounts of notaries and lawyers, if they are open for the production of professional activities, provided for by the Federal Law.
- Contributions to bearer.
- Money transfers without opening an account.
- Deposits in foreign divisions of domestic banks.
- Funds on metal anonymous accounts.
- Savings transferred to a banking organization in trust management.
- Money intended for calculation only using electronic means of making payments without opening an account in a financial and credit enterprise.
Individual deposits insurance is carried outwith the support of an independent foundation. Its size as of May 7, 2014 was 195.7 billion rubles. (minus the established reserve for the payment of reimbursements for the incurred cases - 157.6 billion rubles.) The main financial sources of the Fund's formation are the state property contribution - 7.9 billion rubles, as well as insurance bank fees and income from investments from its funds. The contributions are unified for all financial and credit organizations and must be paid quarterly. The tariff is determined by the Board of Directors of the DIA. At the moment, the rate is 0.1% of the average insured individuals' savings for the relevant quarter.
From the moment when insurance began to operatedeposits of individuals, the amount of compensation increased 14 times. At the initial stage it was 100 thousand rubles. Since August 2006, payments have increased to 190,000 rubles, from March 2007 to 400,000, from October 2008 to 700,000 rubles. In 2014, the State Duma adopted an amendment, according to which the maximum amount of compensation was 1.4 million rubles. More than 180 insurance cases occurred during the whole period of CER existence.
More about the amendment
The increase in the amount of compensation was doubled due topanic of depositors. According to bankers, this step of the State Duma is very positive, but it is unlikely to contribute to the inflow of deposits. The Financial Markets Committee decided to support this project. The meeting was held in an unconventional mode and was hidden from journalists. As noted by the head of the Burykin Committee, the amendments were not sufficiently developed at that time, and in order to avoid any discrepancies, the discussion should subsequently be held without representatives of the media.
Agenda of the meeting
The committee had to consider two draft laws. The first one was to increase the insurance payment by half, and the second - to form an inter-factional group of deputies, which would deal with stabilizing the situation on the Russian financial market. However, a number of other topical issues also touched upon the discussion.
Reasons for increased reimbursement
The need for an urgent adoption of such a measurewas caused by a significant outflow of funds from citizens with ruble accounts. So, from the beginning of 2014 it amounted to about 216 billion rubles. In connection with the financial crisis that began in December, the risk of outflow increased significantly. Bankers point to the massive desire of Russians to transfer their funds to foreign currency accounts, as well as invest in property. According to Aksakov, president of the association "Russia", increasing the size of insurance will contribute to the flow of money into domestic financial companies. As evidence of his position, he cites the situation in 2008. At that time, there was an outflow of deposits, amounting to 7%. After increasing the amount of insurance to 700 thousand rubles. the volume of deposits of citizens increased in October by 10%.
The work of DIA in new conditions
With the adoption of the amendment to increase the insurancecompensation, as Aksakov notes, the system of allocations to the fund is unlikely to undergo any changes. With a significant reduction in the reserve of DIA, it can apply for a loan to the Central Bank. This possibility is provided for by the Federal Law on CERs. As Isayev (the agency's chief) noted, the decision made will affect the work of the corporation, but there was no need to apply to the Central Bank yet.
Additional opportunities for citizens
As was said above, bankers consider raisingthe amount of insurance payments is very positive. At present, the average size of deposits of the population is 500 thousand rubles. Such a relatively small figure is due to the fact that many crushed their funds and opened their accounts in various financial institutions to reduce risks. If the insurance premium is increased, depositors will be able to accumulate large amounts in one bank. At the same time, an increase in compensation is an additional guarantee of the Government. This, in turn, along with others also contributes to increasing confidence in the domestic financial sector. Along with this, according to bankers, the adoption of the amendment will reduce the pace of cancellation and selection of licenses in order to avoid increasing the burden on the insurance fund.