Cooperation of deposit insurance agencies of Serbia and Russia – Regular consultations and exchange of information agreed

The deposit insurance agencies of Serbia and Russia have signed a Memorandum of Cooperation which envisages regular mutual consultations and informing in the domain of deposit insurance, but also in fields such as bankruptcy and liquidation of banks, development of information technologies and database management.

The memorandum was signed in Moscow on Tuesday, December 19, by Yuri Isaev, Director General of the State Corporation “Deposit Insurance Agency” of the Russian Federation, and Srdjan Mihajlovic and Vladimir Medan, Chair and Deputy Chair of the Board of Directors of the Deposit Insurance Agency of Serbia.

– By signing the Memorandum our state organizations responsible for bank deposit insurance and for the liquidation of banks in Russia and Serbia will be able to enhance capabilities for bilateral cooperation – Yuri Isaev said, as reported by the Deposit Insurance Agency of Serbia..

He added that “by providing mutual consultations and sharing opinions and experience we will further develop our relations in the area of bank depositor protection and contribute to the strengthening of the banking systems of the two countries on the basis of international standards and best practices”.

The Delegation of the Serbian Agency reminded that the memorandum had been signed following many years of cooperation of the two institutions within international associations and that closer cooperation and sharing opinions about all relevant questions would be beneficial to both sides, considering that their mandates largely matched.

During the visit of the Serbian delegation to the seat of the Russian Agency in Moscow, the two parties discussed the state of the banking sectors of the Russian Federation and Serbia, as well as the role deposit insurers played in maintaining financial stability. The official signing was also attended by Milos Jankovic, Chair of the Supervisory Board of the Serbian Agency.

The Russian Deposit Insurance Agency was founded in 2003. It insures over 750 banks and has intervened in over 400 insurance cases and run bankruptcy proceedings in around 600 banks.

The Deposit Insurance Agency of Serbia insures deposits of citizens, entrepreneurs, micro, small and medium legal entities in local bank in the amounts of up to EUR 50,000. In case of bankruptcy or bank liquidation, it begins paying insured deposits to savers within seven working days, the press release adds.

Agencija za osiguranje depozita Beograd

Deposit Insurance Agency of Russia

deposit insurance

cooperation of Serbia and Russia in deposit insurance

bankruptcy

bank liquidation

database management

Yuri Isaev

Srdjan Mihajlovic

Vladimir Medan

Milos Jankovic