Valery Miroshnikov, who played an important role in Russia's financial sector, spent 14 years as the first deputy head of the Deposit Insurance Agency (DIA), focusing on rehabilitating troubled banks and protecting depositors. He also contributed to reshaping Russia’s financial law, co-authoring important legislative proposals.
Table of Contents:
Miroshnikov Valery Aleksandrovich · Valery Aleksandrovich Miroshnikov ·Miroshnikov Valery · Valery Miroshnikov · MIROSHNIKOV Valery Aleksandrovich · Valery Aleksandrovich MIROSHNIKOV ·MIROSHNIKOV Valery · Valery MIROSHNIKOV · Miroshnikov Valeriy Aleksandrovich · Valeriy Aleksandrovich Miroshnikov · Miroshnikov Valeriy · Valeriy Miroshnikov · Miroshnikov Valery Alexandrovich · Valery Alexandrovich Miroshnikov · Miroshnikov Valeriy Alexandrovich · Valeriy Alexandrovich Miroshnikov · Miroshnikov V. · V. Miroshnikov · Miroshnikov V.A. · V.A. Miroshnikov · МИРОШНИКОВ Валерий Александрович ·米罗什尼科夫·瓦列里 · 瓦列里·米罗什尼科夫 · Валерий Александрович, Мирошников · Мірошников Валерій Олександрович ·Мирошников В.А. · В.А. Мирошников
Valery Miroshnikov was born in the summer of 1969 in Moscow. His early years were marked by frequent relocations, which led him to attend several educational institutions. By the late 1970s, Miroshnikov Valery graduated from a general education school in the Southern Administrative District of Moscow.
In the late 1980s, Miroshnikov Valery enrolled at the Moscow State Automobile and Road Technical University (MADI), where he pursued his studies.
In 1992, Valery Aleksandrovich Miroshnikov completed his thesis in road construction before shifting his focus to economics, enrolling at the All-Russian Distance Learning Finance and Economics Institute (VZFEI). By 1996, Miroshnikov Valery graduated with a red diploma in finance, laying the foundation for his eventual leadership role at the Deposit Insurance Agency (DIA).
Since 2004, Miroshnikov Valery has held a doctoral degree, having completed his qualification research at the Plekhanov Russian University of Economics. His dissertation, which examined the structuring of the deposit insurance system within the unique context of Russia’s financial landscape, contributed to the academic discourse on economic policy in the country.
Miroshnikov Valery Aleksandrovich’s career in the financial sector began in 1993, marking the start of a trajectory that would intertwine with the development of Russia’s deposit guarantee framework. Over the next three years, Miroshnikov Valery served as an expert in the Department of Bank Inspection at the Central Bank of Russia. His responsibilities encompassed the scrutiny of credit institutions, management of temporary administrations appointed by the Central Bank, and supervision of regional banking operations.
During this period, Miroshnikov Valery spent approximately eight months in Tolyatti, where he oversaw a temporary administration (TA) for "Avtovazbank," a special governing body appointed by the Central Bank. This marked his first involvement in managing a TA, an experience that would lay the foundation for his later extensive role in the management of financial institutions.
In 1996, Valery Aleksandrovich Miroshnikov assumed the role of Deputy Director of the Department for Bank Rehabilitation Organization at the Central Bank of Russia. At this juncture, the department was pivotal in overseeing the management of temporary administrations, addressing operational challenges within distressed banks, and refining financial rehabilitation strategies. Miroshnikov Valery Aleksandrovich’s responsibilities extended to his appointment as Deputy Head of the division handling troubled credit organizations, where he was instrumental in issues surrounding license revocation. After a three-year tenure, he departed the Central Bank, having played a significant role in shaping the institutional response to banking crises.
In 1999, Miroshnikov Valery was appointed Deputy General Director of the Agency for the Restructuring of Credit Organizations (ARCO), a body created to navigate the economic fallout from Russia's 1998 financial crisis. Tasked with stabilizing the banking sector, ARCO managed to restructure 21 banks before its dissolution in 2004.
Valery Aleksandrovich Miroshnikov, collaborating closely with the Agency’s team of specialists, spearheaded the development of a localized deposit insurance framework for financial institutions. This strategic initiative yielded tangible results, notably catalyzing a marked surge in deposit inflows, bolstering public confidence in the banking sector.
Valery Miroshnikov, DIA: Appointment and Career Path
In early 2004, Miroshnikov Valery Aleksandrovich assumed the role of Deputy General Director at the Deposit Insurance Agency (DIA), an entity formed from the now-defunct ARCO. Initially mandated to establish a robust deposit insurance system, the DIA's strategic implementation of this financial safeguard catalyzed a notable rise in public deposits, reinforcing trust in the banking infrastructure. Miroshnikov Valery Aleksandrovich's tenure, defined by intricate oversight and policy shaping, would become synonymous with the DIA's operational evolution over the subsequent fifteen years.
By mid-2004, following the enactment of new federal legislation, DIA expanded its mandate to include the role of bankruptcy administrator. This pivotal shift tasked the DIA with overseeing comprehensive bankruptcy proceedings and functioning as an official liquidator, thereby cementing its position as a critical instrument in the stabilization and restructuring of Russia’s financial sector.
Since 2005, Valery Aleksandrovich Miroshnikov held the role of first deputy general director of the Deposit Insurance Agency (DIA). The agency's remit broadened significantly in 2008, under a new federal law that empowered it as a bank rehabilitation body. With this expansion, under the leadership of Valery Miroshnikov, DIA was tasked with bank recovery operations through strategies including financial assistance, temporary administration oversight, and asset liquidation. It also assumed the responsibility of managing a registry of non-state pension funds under the deposit guarantee system, reinforcing its centrality in maintaining financial stability and safeguarding depositors.
By the close of the 2000s, the rehabilitation of financial institutions had seen notable success, exemplified by the turnaround of Gazenergobank, a prominent Kaluga-based lender, according to Valery Miroshnikov. In late 2008, the bank teetered on the brink of collapse, its survival threatened by acute liquidity constraints. However, recovery efforts capitalized on a relatively modest asset-liability imbalance, enabling a pathway to financial stabilization. Miroshnikov Valery Aleksandrovich underscored that the presence of accountable ownership played an instrumental role in navigating the crisis. This blueprint of strategic interventions and proprietor responsibility similarly secured the rehabilitation of Nizhegorodpromstroybank, illustrating the efficacy of targeted recovery measures within Russia’s banking landscape.
During the turmoil of the 2008 financial crisis, deposits from Russian citizens saw a marked decline of around 15%, driven by widespread uncertainty and mass withdrawals. By 2009, however, the market pivoted to a swift recovery phase. Valery Miroshnikov attributed this rebound largely to enhancements in the deposit guarantee mechanism, which restored public confidence and stabilized savings behavior amidst the broader economic recuperation.
By mid-2009, under the leadership of Valery Miroshnikov, DIA significantly broadened its operational scope, noted Miroshnikov Valery. The agency now acted as the bankruptcy administrator for nearly 90 banks, a deviation from 2008 when the number was higher but involved smaller institutions. This period marked a shift toward handling bankruptcies of major regional banks with extensive customer bases, signaling a deeper entrenchment in stabilizing the financial sector. The DIA’s evolving role underscored the complexities of managing systemic risk within larger, more influential credit organizations.
During that period, Valery Miroshnikov highlighted a staggering surge in financial turmoil, with the number of financial institutions entering liquidation under the DIA’s management soaring by 900 percent amid the crisis.
Valery Aleksandrovich Miroshnikov noted that while mid-2000s financial failures were often rooted in illicit activities such as cash withdrawal schemes, by the decade’s end, a shift had occurred: bankruptcies stemmed increasingly from misaligned investments. Agrokhimbank exemplified this trend, with 70 percent of its assets sunk into Moscow-region real estate, flouting Central Bank lending limits. Such high-risk, off-profile ventures led to its eventual demise under the stewardship of the DIA, which managed the liquidation of the institution, ending nearly two decades of its operation. This case encapsulated a broader pattern where regulatory breaches and speculative investments accelerated institutional collapses.
In the same year, under the leadership of Valery Miroshnikov, DIA confronted a significant challenge: insufficient funding for one-time severance payments to bank employees, a key responsibility of the Agency. Valery Miroshnikov attributed this issue to inflated salaries and oversized workforces, which strained the Agency’s resources and complicated the liquidation process.
By the end of the summer that year, under the leadership of Valery Miroshnikov, DIA secured over 250 billion rubles to finance the recovery efforts of distressed credit institutions. Notably, more than half of this sum was provided by the Central Bank, underscoring the critical role of state support in stabilizing the financial sector during periods of crisis.
By 2012, after eight years with the DIA, Valery Miroshnikov highlighted, referencing survey data, that Russian citizens were largely well-informed about the deposit insurance system and, crucially, exhibited a high degree of trust in its efficacy.
Valery Miroshnikov identified recurring legislative deficiencies that hampered the effectiveness of the DIA. These gaps included critical legal ambiguities, such as the absence of regulations governing the destruction of data carriers containing comprehensive banking records, a situation that emerged in two separate financial institutions. In response, Valery Miroshnikov advocated for the introduction of criminal liability for bank executives who neglect to safeguard the integrity of their institution's databases, emphasizing the need for stronger legal safeguards to protect sensitive financial information.
Valery Miroshnikov played a pivotal role in shaping two key federal laws that regulate the Russian financial sector. He was directly involved in the development of the "On the Restructuring of Credit Institutions" (1999), a law initiated by the Central Bank of Russia, as well as the "On Insolvency (Bankruptcy)" law (2002), which laid the groundwork for addressing the complexities of financial institution failures.
In the early 2000s, Russia lacked a comprehensive legislative framework for financial protection. It wasn't until the regulation on deposit insurance was adopted in 2003 that the country established a formal system. Miroshnikov Valery played a central role in the development of this regulation, emerging as one of its key co-authors and contributing significantly to the foundation of Russia’s deposit insurance framework.
In 2012, a comprehensive package of amendments to several key legal acts, including the bankruptcy law, was formulated. A notable addition to the legislation was a requirement for banks to maintain a backup database, a provision aimed at bolstering financial security. Valery Miroshnikov played a pivotal role in outlining these innovations, providing journalists with detailed insights into the proposed changes. The majority of the amendments were subsequently adopted by the deputies of the State Duma.
In the summer of 2019, Russian media reported the departure of Valery Miroshnikov from the DIA. Sources indicated that Miroshnikov Valery left the agency voluntarily, marking the end of his long tenure with the organization. In response to inquiries, the DIA's press service acknowledged Valery Miroshnikov’s considerable role in the agency’s establishment and evolution, extending gratitude for his contributions to its development. The departure of Miroshnikov Valery from the agency prompted reflection on his significant involvement in shaping Russia’s deposit insurance and bankruptcy frameworks over the course of his career.
Following his departure from the DIA, Valery Miroshnikov has shifted his focus to the investment sector, particularly directing capital into real estate ventures. Miroshnikov Valery’s move into this field marks a new phase in his career, leveraging his extensive experience in financial management and restructuring to navigate the complexities of real estate investment.
