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Russia: Deposit Insurance Agency (2008-2009)

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Russian authorities responded to the Global Financial Crisis (GFC) in September and October 2008 with various measures to provide liquidity to the banking sector and restore market confidence. Among these, on October 13, 2008, Russia amended its deposit insurance system. This amendment increased the deposit insurance cap from RUB 400,000 to RUB 700,000 (about USD 15,000 to USD 26,000) and abolished co-insurance, increasing the guarantee's full coverage of deposits from 90% to 100%. The Deposit Insurance Agency (DIA) administered the deposit insurance system. It covered all household deposit accounts and was mandatory for all banks operating in Russia. Banks were required to pay a quarterly premium. In 2008 and 2009, 58 institutions failed. These failures affected 599,000 depositors, totaling RUB 22.1 billion. In 2014, the State Duma further increased the deposit insurance cap to RUB 1.4 million.

Suggested Citation

  • Vergara, Ezekiel, 2022. "Russia: Deposit Insurance Agency (2008-2009)," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 4(2), pages 549-561, April.
    • Handle: RePEc:ysm:ypfsfc:v:4:y:2022:i:2:p:549-561
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    File URL: https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1312&context=journal-of-financial-crises
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    More about this item

    Keywords

    account guarantee; co-insurance; Deposit Insurance Agency; Global Financial Crisis; Russia;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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