[2] The deposit insurance system (DIS) provides protection to depositors that have accounts in Russian banks up to the coverage limit established by law.
Compensation for deposits in foreign currency is paid in rubles at the rate of the Bank of Russia at the day of the insured event.
This can be done at any time from the date of the insured event until the completion of the bank's liquidation (bankruptcy proceedings) -- which, as a rule, lasts at least from two to three years.
[8] Depositors can find out about the start date of deposit insurance payouts as well as about place, time, form and procedure for accepting applications for payment of reimbursement from the message for depositors posted on the official website of the DIA Archived 2019-09-09 at the Wayback Machine, in the section "Banks / Insurance payouts" (on the bank's page).
The deposit insurance model is built in such a way that regardless of the number of insured events, the amount of payouts, as well as the volume of accumulated financial resources, there will always be enough money in the Fund due to the possibility of borrowing funds (loans) from the Bank of Russia and a number of other mechanisms envisaged by law.
The list of permitted assets for investing the Fund's resources includes: Over 2020, 232.7 billion rubles were transferred to the MDIF accounts from the following sources: Since 2004, the DIA has been acting as a liquidator and bankruptcy administrator of failed credit institutions.
If the property (assets) of the liquidated credit institution is insufficient to satisfy the claims of its creditors, then a bankruptcy procedure is introduced on the basis of the decision of the arbitration court.
The DIA is a bankruptcy administrator of credit institutions that had a license from the Bank of Russia to attract funds from individuals as deposits.
For the entire period of the DIA's activity the average percentage of claims satisfaction (as of December 31, 2021) on credit institutions with completed liquidation proceedings accounted for 48.1%.
During the period when the DIA exercised the powers of the bankruptcy administrator of non–government pension funds, liquidation proceedings were completed in 6 institutions.
The procedure for entering and excluding member funds from the register is carried out by the DIA on the basis of decisions of the Central Bank of the Russian Federation.