Thirteen years ago, for depositors, they legislatively put into circulation a structure for ensuring the security of savings placed in credit financial institutions. The list of banks included in the deposit insurance system is open information available to each interested person. In 2014, the list reached nine hundred. But at the same time, the revocation of licenses began. The list has declined sharply. Over the past three years, only 4 units have been added.
What is CERs?
The State Corporation “Deposit Insurance Agency” (DIA) is designed for operations with a list of banks included in the Deposit Insurance System (CER). This greatly facilitated the citizens who want to open savings accounts, the task of returning their money in the event of bankruptcy of a financial institution or other force majeure situations.
Insurance is endowed with the status of compulsory, it occurs automatically, without the participation of a depositor. Financiers are required to send data on the open contribution to the DIA.
Information about the security of invested money is required to be placed in the client rooms of offices in a visible place. A full list of banks included in the deposit insurance system takes five pages. It is recommended to study this registry on the Agency website.
CER purpose
A person wants to save and increase free money. Therefore, people become clients of financiers.
But each type of activity has professional risks. For example, an institution may go bankrupt. In such a situation, the probability of returning personal funds will become zero. In order for individuals to place savings in accounts, the state created a structure for CERs to restore capital lost in financial turmoil.
The presence of KFU (credit and financial institutions) in the annals of the agency is a state guarantee of return in case of negative developments. The list of banks included in the individual deposit insurance system is formed and controlled on the basis of Russian legislation.
All CER participants are controlled by the Central Bank and the DIA. If violations occur, the Agency posts this information on its own website.
DIA working principle
To work with the funds of individuals, permission is required. Information on admission to work with individuals on the same day comes from the Central Bank of the Russian Federation to the Agency. If the Central Bank revokes the license, does not give permission to accept funds from the population, or even prohibits activities, then information about this will immediately go to the Agency, and the legal entity will be excluded from the register. In Russia, the list of banks included in the deposit insurance system is being updated promptly.
Each KFU is obliged to transfer contributions to the DIA for the formation of a specialized fund. In case of failure to meet deadlines or incomplete payments, the Agency is entitled to appeal to the Bank of Russia to resolve the situation.
The full list of banks included in the individual deposit insurance system is regularly updated, and the number of participants in the system is constantly changing. In 2014, 855 entries were filled in the register. New institutions were included, and some of those already included were excluded.
List of KFU in CERs
As of December 1, 2017, 785 KFU are in the register of active participants. Of these, 4 institutions are not entitled to open new deposits. The same list contains 62 agent banks.
The liquidation of 287 credit financial companies has been completed. 325 organizations are in the process of closing. Some companies were reorganized.
After the improvement, the institutions will continue to work. So, the rehabilitation of 20 companies has been completed. There are 4 offices in the process of transferring property and liabilities. Reorganization of 25 organizations is ongoing.
What will be insured
In banks included in the deposit insurance system, there is a single list of savings subject to insurance:
- Deposits for any period specified by the contract.
- Ruble deposits without any time limits for withdrawal and replenishment.
- Deposits in foreign currency.
- Debit card accounts, which include salary, pension, student scholarship.
- Credit card accounts, if the client’s personal money is placed on the card.
- Accounts of trustees and trustees for receiving remuneration.
- Means of individual entrepreneurs. Item introduced since 2014.
Do not fall under state insurance:
- Transferred to trust.
- Bearer decorated.
- Placed on accounts outside the country.
- On depersonalized metal accounts.
- Received money without billing.
In connection with the mass revocation of licenses, organizations from the DIA structure recorded a budget deficit of the Fund from which payments are made. The head of the Central Bank made an unpopular, but necessary decision - to raise the safety factor by 0.03%. Now it takes 20 times more to compensate for money than the available funds according to the Fund’s reports.
DIA Assistants
To accelerate the payment of compensations to the clients of bankrupt companies and to prevent reactions to uncomfortable waiting for settlements, the Agency appoints agent banks. Banks that are part of the deposit insurance system are helping bankrupt KFU recover customers' losses. The state is so guaranteed that people will not lose their money.
Information on the composition of agents is quickly updated on the Agency’s website. As of December 1, 2017, 62 credit financial institutions were vested with the right to fulfill agency duties.
DIA notifies that it is enough for the injured clients to come to the department with a passport, fill out an application form and wait for the result. Having received the notice of liquidation or reorganization of the “native” institution, one should check the press releases on the appointment of the payment agent and the list of banks included in the deposit insurance system and having agent status on the Agency’s website.
Individuals should be aware that queuing is unlimited for them, unlike legal entities.
The Agency’s website publishes press releases for each problematic company, including a list of agents assigned to the burned organization.
For example, Rosselkhoz has been appointed as an agent for the payment of debts of Novy Symbol, AO and CB MFbank LLC.
Five agents were appointed for Ugra Bank: Rosselkhoz, Sberbank, VTB24, UralSib and Otkrytie FC. The last company on the list came under reorganization in the second half of 2017. The state introduced external management in the Discovery.
Depriving KFU of some opportunities
Four credit and financial institutions lost the right to open new accounts and to receive money from individuals. Two of them are registered in Moscow, one in Saratov and one in Dagestan. Banking violations detected during the audit leave the opportunity to work with existing accounts, but such organizations can no longer serve new customers - individuals:
- JSCB "Asia-Invest Bank" (JSC).
- State Specialized Russian Export-Import Bank (JSC).
- JSC RNCO "Narat".
- RNCO PROMSVYAZINVEST (LLC).
Trusted Vaults 2017
The client, planning to place free savings on deposit, evaluates the institution on the following grounds:
- Financial stability.
- The possibility of long-term placement.
- Advantages over other KFUs, including interest on deposits.
Experience shows that the most reliable companies have lower rates than those who are not in the top ten of the Central Bank of the Russian Federation.
Potential investors need to be careful when creating a personal deposit portfolio. In the presence of amounts above one and a half million, it is prudent to distribute the savings in banks in such a way that no more than 1.4 million rubles are accumulated in one account. This is the maximum reimbursement amount per account.
The wrong step is, in the wake of rumors, trying to split a large contribution into small ones, withdraw money to relatives' accounts. Judicial practice shows that such steps in bankruptcy are considered fraudulent, and lost deposits are not refundable.
Protection of capital investors
The largest number of KFU is located in the capital. Therefore, the choice to open an account for a Moscow client is made easier. The only precaution is to check the list of banks included in the deposit insurance system on the website of the DIA Moscow.
To prevent panic among the population and to reduce cash outflows, bankers are creating new attractive products. You should focus on the rating of the Central Bank. Although the story with Otkrytie showed that even the top ten company is not safe from perturbations.