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MOSCOW, December 03. /ITAR-TASS/. Russian President Vladimir Putin has signed a law on granting by the Russian Central Bank of five-year loans to the Deposit Insurance Agency (DIA) that had been passed by the State Duma lower house of parliament on November 22 and approved by the Federation Council upper house on November 27. The document was published on the official web portal for legal information on Tuesday.
The loans are extended for ensuring financial stability of the deposit insurance system and financing of the payment of compensations on deposits. The new norms will allow the DIA to receive Central bank loans in case of need, for example, if the DIA funds are insufficient for the insurance settlement payments.
The law also provides for posting on the official website of the Central Bank and DIA of information on imposing a ban by the Central Bank on a particular bank to attract money deposits from citizens and open individual bank accounts. The Central Bank will publish such information on the day of issuing of the corresponding order and DIA — within one day after receipt of the relevant information from the Central Bank. This information will be deleted from their website according to the procedure established by the Bank of Russia and DIA.
The bank on which the ban is imposed is required to publish this information on its website within one day from the ban imposition.
The law contains changes focusing on the compliance by the banks with the procedure of disclosure of information about persons that have considerable influence on the decisions taken by the management bodies, as well as on transparency of the property of banks. A bank, applying for accession to the deposit insurance system will be obligated to comply with the established by the Central Bank procedure of disclosure to an unlimited number of persons of information about the persons who control or considerably influence the bank. The transparency of a lending institution’s property will be taken into account in assessing its financial stability.
Changes also apply to the record of inspections conducted by the Bank of Russia in the banks, applying for a permit to attract individual deposits and the provision by the Central Bank of information about non-observance of the deposit insurance system conditions to the banks that have permits to attract individual monetary deposits. The groups of financial indicators (capital, assets, liquidity) have been excluded from the reasons for the imposition of a ban on a bank’s participation in the system. At present, failure to comply with these requirements makes the Central Bank of Russia to impose a ban even on those banks that are able to timely meet liabilities to creditors and fulfil the duties to make mandatory payments.