OREANDA-NEWS. The Board of Directors of the European Forum of Deposit Insurers (EFDI) held its regular meeting in Moscow. The EFDI’s membership currently stands at 68 Member-Institutions and Associates (57 deposit guarantee schemes and 11 investor compensation schemes) from a total of 44 European countries including Russia. The meeting was hosted by the State Corporation “Deposit Insurance Agency” (DIA) whose representative is a member of the EFDI Board.

During the meeting its members considered a number of topical issues related to the recent developments in the European economy and financial system, improvements in the mechanisms of bank depositors’ protection and resolution of European and global banks.

The EFDI Board members also discussed the progress in recasting the EU Directive on deposit guarantee schemes by the European Commission, developing regulations for establishing the European Banking Union including introduction of the Single Supervisory Mechanism and the Single Resolution Mechanisms for banks.

In the course of the meeting the EFDI Board members debated the issue of the possibility to use deposit insurance funds for financing recovery and resolution measures in relation to problem banks.

At the meeting with the EFDI Board members DIA General Director Yury Isaev pointed out importance of the Agency’s participation in the European Forum of Deposit Insurers. "The sharing of practical experience among deposit insurers of the region contributes to increasing effectiveness of their operation as well as the growth of the authority of deposit insurance", he stressed.