OREANDA-NEWS. September 27, 2010. The Board of Directors of the State Corporation “Deposit Insurance Agency” (DIA) held its regular meeting chaired by Alexei Kudrin, the Russian Federation Finance Minister. 

The meeting reviewed the issue of the Mandatory Deposit Insurance Fund (DIF) sufficiency for 2011. The Board of Directors agreed with DIA Management Board assessment that the DIF size as of the next year beginning will be RUR 141.1 billion testifying that there are no grounds for DIF shortage in 2011.  

The Board members took into consideration the information concerning the results of DIF resources investments during the first half of 2010, as well as investment of resources that are temporary not used for implementing plans of the Agency’s involvement in bank bankruptcy prevention. The income derived from DIF resources investment during the first half of 2010 reached RUR 4.3 billion, while the gains derived from investing temporary not used property contribution funds transferred to the Agency for the purposes of bank bankruptcy prevention reached RUR 1.5 billion. Thus, the income from DIF resources investment taking into account securities re-assessment was 14% per annum, and without re-assessment – 8.6% per annum. 

The Board of Directors heard the information about implemented by the Agency measures aimed at banks’ bankruptcy prevention, and use of the RF property contribution funds for executing the above measures in June-August 2010. During the reported period the Agency continued its participation in bankruptcy prevention of 13 banks. In June-July 2010 basic measures aimed at OOO PotentsialBank merging with its investor OJSC KB “Solidarnost” were executed. A decision was made about CB "GUBERNSY" (ОАО) joining ОАО "Bank Petrovsky" and both merging with the investor ZAO "KB OTKRYITIE". Totally for the purposes of banks’ restructuring the Agency allocated RUR 330.8 billion, of which RUR 190.3 billion were borrowed from the Bank of Russia.  
During the Board meeting it was decided to appoint OOO "Finance and Accounting Consultants" as DIA external auditor.

The Board meeting participants took into consideration the information concerning bank deposit monitoring results during the first half of 2010, and they reviewed a number of other issues related to the Agency’s operation.