Meeting of the Expert Group on Harmonization of Legislation Held in Yerevan on December 12, 2024

As part of the activities of the Expert Group on harmonization of legislation in the field of insurance (guaranteeing) of bank deposits, liquidation, resolution and bankruptcy of credit institutions in the Eurasian Economic Union under the Advisory Committee on Financial Markets of the Eurasian Economic Commission (hereinafter – the Expert Group), a regular meeting was held on December 12, 2024, in Yerevan, Republic of Armenia. The event was organized by the Deposit Guarantee Fund of Armenia. The meeting was attended by representatives of the Eurasian Economic Commission, deposit protection organizations of the EAEU countries, and financial regulators of the EAEU member states.

During the meeting of the Expert Group, the following agenda items were discussed:

• Expert Opinion “Types of Premiums from Banks Participating in the Deposit Insurance (Guarantee) System and the Procedure for Their Determination and Payment to the Deposit Insurance (Guarantee) Fund (Reserve)” (second revision);
• Expert Opinion “Possibility of Reducing the Amount of Premiums and/or Suspending the Payment of Contributions by Banks Participating in the Deposit Insurance (Guarantee) System” (second revision);
• Expert Opinion “Target Size of the Deposit Insurance (Guarantee) Fund (Reserve)” (second revision);
• Expert Opinion ” Management and Sale of Assets of a Bank in Liquidation” (second consideration);
• 2025 Work Plan of the Expert Group;
• “Dictionary of Terms (Glossary)” (second consideration).

In addition, the State Corporation “Deposit Insurance Agency” (DIA) also presented its experience in implementing the online service for processing depositor reimbursement.

“The service was launched in March 2024. It allows for receiving insurance through the Government Services Portal (Gosuslugi) and DIA website. Over the eight months of the service’s operation, 5.4 thousand depositors have applied for reimbursement online. They have been paid 1.9 billion rubles.”

Natalya Fedorova, Deputy General Director of DIA

For reference: The Expert Group was established in 2019 by a decision of the Advisory Committee on Financial Markets of the Eurasian Economic Commission. The main objectives of the group’s work are the analysis of the national legislation of the EAEU countries, best international practices in the field of deposit insurance, and the preparation of proposals for the harmonization of the legislation of the Union’s member states, etc.