DIA against gov't only partially insuring deposits - DIA chief
MOSCOW. March 27 (Interfax) - The Deposit Insurance Agency (DIA) does not support the idea of the Russian government only partially insuring deposits, DIA chief Yury Isayev told reporters on Thursday.
"We are reviewing the issue, the pluses and minuses. In our opinion, there are still far more minuses with changing something now on a global level as concerns franchises or incomplete insurance responsibility," he said.
He recalled that the agency already has an algorithm approved by all government departments for a new system of differentiated contributions to the deposit insurance fund depending on interest rates.
"It seems to us that for the current situation this step is sufficient for now," Isayev said.
"By law, we as an agency are supposed to protect depositors, so it is very difficult for us to take the other position and say: let's make the situation tougher for the depositor. We assess the situation of depositor responsibility quite adequately: it exists, it should be present in decisions that they make in regard to their money. It's just that, in my view, right now we shouldn't change anything, because the negative consequences could be greater than the positive ones," Isayev said.
The proposal for partial insurance of deposits was tabled by Prime Minister Dmitry Medvedev and it calls for bank depositors to share liability with the government.
