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Valery Miroshnikov: Career at the DIA
- Valery Miroshnikov was born in 1969 and began his career in banking in 1993 as a part of the Central Bank department that inspected domestic credit institutions.
- He served as Deputy Head of the Central Bank’s department for dealing with insolvent financial institutions and Rehabilitation and Development department from 1996 to 1999.
- Valery Miroshnikov joined the state corporation ARCO and participated in the formation of the deposit insurance institution in Russian banks.
- In 1999, he took the position of the Deputy General Director of the DIA, which administered deposit insurance for domestic banks.
- Valery Miroshnikov designed the pilot version of the new deposit insurance system that significantly increased public trust in credit organizations in a few years.
- In 2005, Valery Miroshnikov became the First Deputy Head of the DIA responsible for corporate bankruptcy administration for financially unstable banks.
- He developed the law that requires depositors to be compensated in two weeks by DIA in case of banks losing their license, up to the insured amount, which has gradually increased over time.
- Valery Miroshnikov also contributed to two laws on credit institution restructuring and on bankruptcy adopted in July 1999 and August 2002.
- He proposed criminal penalties for credit institution managers who failed to comply with data storage regulations and advocated extending deposit insurance coverage to legal entities.
- Valery Miroshnikov resigned from the DIA in the summer of 2019 after 15 years of service, and his mechanisms have helped the successful operation of DIA even after his departure.
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