OREANDA-NEWS. At the annual general meeting of the International Association of Deposit Insurers that was held on November 8, 2013 in Buenos Aires, Argentina, it was announced that the Russian Deposit Insurance Agency had been selected as the Deposit Insurance Organization of the year in the category “For Achievements in Banking Resolution and Payouts”.

DIA Russia's General Director Yury Isaev said that he considers the Award as the recognition of the Agency team's dedicated and well-coordinated efforts in the implementation of best practices in key areas of its operation. He said that the Agency's hard work that is aimed at ensuring effective protection of interests of depositors and other creditors of failed banks helps to enhance financial and social stability in the Russian Federation.

The International Association of Deposit Insurers (IADI) was formed in May 2002 to enhance the effectiveness of deposit insurance systems by promoting guidance and international cooperation. Members of IADI conduct research and produce guidance for the benefit of those jurisdictions seeking to establish or improve a deposit insurance system. Members also share their knowledge and expertise through participation in international conferences and other forums.

IADI currently represents 71 deposit insurers from 69 jurisdictions. IADI is a non-profit organization constituted under Swiss Law and is domiciled at the Bank for International Settlements in Basel, Switzerland.