OREANDA-NEWS. December 19, 2011. The State Corporation “Deposit Insurance Agency” (DIA) and the Deposit Protection Agency of the Kyrgyz Republic concluded a Memorandum of Understanding (MOU). The document is aimed at establishing a framework for bilateral cooperation to enhance deposit insurance systems and contribute to ensuring stability of banking systems of the Russian Federation and the Kyrgyz Republic, including maintaining public confidence in banks operating on both countries’ territories.

Basic mutual cooperation areas will include sharing of experience in deposit insurance, including automation of the deposit insurers’ operations, organization of staff training courses, and carrying out mutual research and development programs.

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The Deposit Insurance Agency was established in January 2004 in accordance with the Federal Law #177-FZ, dated December 23, 2003, “On Insurance of Households’ Deposits in Banks of the Russian Federation”. Basic DIA goals and objectives include ensuring effective operation of the deposit insurance system and managing receivership proceedings in failed banks. On October 27, 2008 Federal law #175-FZ was adopted “On Additional Measures to Strengthen Stability of the Banking System through December 31, 2011”, according to which DIA was granted bank financial rehabilitation functions.
The Deposit Protection Agency of Kyrgyz Republic was established on August 29, 2008. It is an independent non-profit government organization that has powers, rights and responsibilities, as set forth in the Kyrgyz Republic Law “On Protection of Bank Deposits”.