Within the framework of the events, a regular meeting of the Expert Group under the Advisory Committee on Financial Markets of the Eurasian Economic Commission was held, focusing on the liquidation of credit institutions, financial recovery and bankruptcy issues within the EAEU, as well as on the harmonization of legislation in the field of insurance (guarantee) of bank deposits. Meetings of the Working Group on cooperation in the digitalization of deposit insurance organizations of the EAEU member states and of the Council of Heads of Deposit Insurance Organizations of the EAEU member states were also held.
The Expert Group meeting was opened with a welcoming address by M.V. Filatova, Acting Director General of the State Corporation “Deposit Insurance Agency” of the Russian Federation.
The discussion of draft expert opinions in accordance with the agenda was moderated by V.V. Kovalev, Head of the Banking Policy Division of the Financial Policy Department of the Eurasian Economic Commission and Deputy Head of the Expert Group.
During the meeting, the following draft expert opinions were reviewed and discussed:
- “Risk Management in the Deposit Insurance System and Stress Testing of the Deposit Insurance System” (presented by the Deposit Protection Agency of the Kyrgyz Republic);
- “Business Continuity System of a Deposit Insurer” (presented by the Deposit Protection Agency of the Kyrgyz Republic);
- “Process Management and Internal Control System in a Deposit Insurance (Guarantee) Organization” (presented by the State Corporation “Deposit Insurance Agency” of the Russian Federation).
In addition, representatives of deposit insurance organizations of the EAEU member states approved coordinated proposals aimed at harmonizing the legislation of EAEU countries regarding requirements for deposit insurance systems. This represents an important step toward the formation of a common financial market of the EAEU.
The meeting also included discussions of reports related to the revision of international documents in the field of deposit insurance:
- a new edition of the IADI Core Principles (presented by the Kazakhstan Deposit Guarantee Fund);
- new editions of European Union directives (presented by the State Corporation “Deposit Insurance Agency” of the Russian Federation).
At the meeting of the Working Group on cooperation in the digitalization of deposit insurance organizations of the EAEU member states, representatives of the Deposit Protection Agency of the Kyrgyz Republic and the Deposit Guarantee Fund of Armenia delivered presentations on publications of IADI and EFDI related to the digitalization of deposit insurers. In a roundtable format, participants discussed the prospects for introducing artificial intelligence technologies into the activities of deposit insurers, as well as the future role of agent banks in the context of the development of electronic payments.
The Executive Director of the Deposit Protection Agency of the Kyrgyz Republic also participated in the meeting of the Council of Heads of Deposit Insurance Organizations of the EAEU member states. Heads of deposit insurance organizations of the EAEU member states and the Republic of Uzbekistan exchanged information on the current situation in the banking sector and deposit insurance systems. In addition, deposit insurers of the EAEU member states signed a new Memorandum of Cooperation, which will make it possible to identify new areas of collaboration and create a legal and organizational framework for further cooperation.
As part of the events, representatives of the State Corporation “Deposit Insurance Agency” of the Russian Federation also presented information on the improvement of a deposit protection information portal. This portal will serve as a platform for dialogue between representatives of the Eurasian Economic Commission and deposit guarantee organizations of the EAEU member states.