OREANDA-NEWS. July 12, 2012. Sergei Ignatiev, the Bank of Russia Governor, chaired a regular Board of Directors meeting of the State Corporation “Deposit Insurance Agency” (DIA).

The Board members took into consideration information about investing during the first quarter of 2012 DIA temporary idle funds. During the reported period Agency increased the share of investments in federal government bonds from 27% to 30% at the expense of reducing investments in the Bank of Russia deposits from 14% to 11%. The yield of the Agency’s investments during the first quarter of 2012 taking into account securities revaluation made up 10% per annum, and the net profit reached RUR 3.7 billion.

The meeting reviewed information about implemented by the Agency measures aimed at bank financial rehabilitation. During the reported period DIA continued its participation in financial rehabilitation of seven banks. Main events of the above period were: completion of financial rehabilitation measures in relation to the “Potential Bank” by its merger with the “Rossiysky Kapital” Bank; amendment of the financial rehabilitation plan for the “Bashinvestbank”; early repayment by the OJSC RZHD, investor to the KIT Finance Investment Bank of the portion of provided by the Agency loan (RUR 1 billion). Besides this, during the reported period the Agency started marketing of its shares in the “SOYUZ” Bank and the “OTKRYITIE” Bank.

During the whole period of financial rehabilitation measures since October 2008 the borrowers repaid in monies the principal amount of RUR 98.54 billion and accrued interest of RUR 28.71 billion. In December 2011 the Agency transferred to the Russian Federation Treasury shares of the OJSC “Rostelekom” purchased in the process of financial rehabilitation of the KIT Finance Investment bank at the expense of reducing the Russian Federation property contribution to DIA’ capital by RUR 50.28 billion. Taking into account repayment by borrowers of principal amount and the reduction in property contribution amount – the current Agency amount of outstanding funding for bank financial rehabilitation measures as of June 1, 2012, reached RUR 490.3 billion, of which the Bank of Russia funds made up RUR 343.3 billion, and RUR 147 billion was used at the expense of the Russian Federation property contribution to the Agency’s capital.

The Board of Directors approved the new version of the Procedure for interaction of the State Corporation “Deposit Insurance Agency” with agent banks in the process of deposit insurance payouts. The new version of the document will enable introducing up-to-date operational technologies for executing deposit insurance payouts, specifically decreasing paper documents’ circulation.

The meeting heard the information about the existing system of DIA’s key performance indicators (KPEs). The Board of Directors’ Committee on Strategy, Personnel and Remuneration was recommended to present a modernized system of the KPEs for 2013 for the Board review in the forth quarter of 2012.

The Board members took into consideration the report of DIA Internal Audit Service about fulfillment of its activities plan in the first half of 2012 and approved the plan for the second ha.