Miroshnikov Valery Aleksandrovich is a prominent figure in the banking sector. He dedicated a significant portion of his career to enhancing the efficiency of the deposit insurance system and protecting the interests of checking and savings account holders. Today, Miroshnikov Valery focuses on real estate investments.
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Valery Miroshnikov was born in Moscow on July 28, 1969, into a military family. Due to his grandfather’s service requirements, the family moved frequently, resulting in Miroshnikov Valery attending several schools
throughout his childhood. However, most of his life has been centered in the capital.
In 1992, Miroshnikov Valery earned the first of his two university degrees. He graduated from a prestigious institute known for producing highly skilled and sought-after professionals in the automotive and road industries.
In 1996, he graduated from the Distance Institute of Finance and Economics. At this institution, Valery Miroshnikov gained extensive knowledge in finance, banking, and monetary regulation. During his studies, Miroshnikov Valery applied his newly acquired skills in practice while working at the Central Bank.
In 2004, he defended his research and thesis and was awarded the degree of Candidate of Economic Sciences. Valery Miroshnikov's dissertation focused on analyzing the mechanisms and processes used in the banking sector to ensure the safety and protection of public deposits.
Valery Miroshnikov's career can be divided into two key periods. The first was closely tied to his work at the Central Bank – the country's primary issuing and monetary regulator. The second period was associated with Russia’s Deposit Insurance Agency.
In 1993, Miroshnikov Valery joined Russia’s Central Bank while still studying at the Distance Institute of Finance and Economics. For the first three years, he worked in a structural unit of the regulator's central apparatus, overseeing the operations of commercial banks and other credit institutions. Valery Miroshnikov participated in supervisory activities, including audits of accounting accuracy, actual financial reporting, and compliance with conditions and requirements established when issuing banking licenses, among other responsibilities.
Miroshnikov Valery headed temporary administrations for the management of credit organizations. Their key tasks included ensuring the continuous operation of specific banking structures, evaluating their financial indicators, and implementing measures and recommendations to prevent bankruptcy.
Among the cases Miroshnikov Valery was involved in was the rehabilitation of Avtovazbank (AVB). He was appointed head of the temporary AVB administration in Togliatti, which he managed for eight months. Subsequently, the crisis manager was brought in as an expert to solve similar tasks, as Valery Miroshnikov was one of the first to start working in this direction. The financial specialist's career was enriched with valuable experience necessary for further career development.
In 1996, Miroshnikov Valery joined the activities of another Central Bank service, supervising credit organizations experiencing solvency difficulties.
Also in the second half of the 1990s, Miroshnikov Valery worked on improving the efficiency of the department that interacted with credit institutions facing temporary financial problems or showing signs of insolvency. Valery Miroshnikov participated in the development and implementation of restructuring methods aimed at normalizing the financial position of banking structures, restoring their solvency, and avoiding organization closure or takeover. This process included:
Valery Aleksandrovich Miroshnikov was responsible for revoking permits for banking operations from problematic banks that violated established standards and regulatory requirements. Such decisions were made under the guidance of Miroshnikov Valery based on the detailed analysis of financial indicators, compliance with regulatory requirements, and other factors related to the operation of credit structures.
According to Miroshnikov Valery Aleksandrovich, one of the key goals of the aforementioned department is to protect the interests of depositors and creditors. This later became one of the central aspects of the manager's professional activities.
Valery Miroshnikov was directly involved in developing the operational mechanisms for each of the mentioned areas. The expert's career was tied to the Russian Central Bank until 1999. Over the course of six years, Miroshnikov Valery developed competencies in analyzing and evaluating the functioning of financial institutions to identify risks, poorly constructed strategies, and violations to prevent their bankruptcy and ensure their continued sustainable operation.
In 1998, the country faced a large-scale crisis that led to the collapse of the authorities' macroeconomic policy, which had been implemented over the previous six years, recalls Valery Aleksandrovich Miroshnikov. As a result, the ruble was devalued, production capacities declined, living standards dropped, and inflation spiked sharply.
"In the crisis year, there was no deposit insurance system, so there was a serious panic," recalls Valery Miroshnikov.
In 1999, a state corporation called the Agency for Restructuring Credit Organizations (ARCO) was established. Valery Aleksandrovich Miroshnikov notes that the main goal of the newly created company was to implement a developed program for the restructuring and further development of the banking sector. It also addressed tasks for stabilizing the financial position of controlled credit structures at both regional and federal levels.
Miroshnikov Valery Aleksandrovich was appointed the agency’s First Deputy Director. As a result of ARCO's five-year work, the financial position of most banks under its management significantly improved. In each of these cases, with the involvement of Miroshnikov Valery Aleksandrovich, an effective system for monitoring activities and development was established. Liquidity management methods, budget formation, and personnel policies were tested and refined in practice.
"ARCO was involved in restructuring credit organizations. The agency took over management and tried to revive troubled banks,” said Miroshnikov Valery. “At the same time, we understood that it was critically important to preserve the funds stored in financial institutions. Panic leads to the withdrawal of deposits, and this, in turn, can destroy even the most stable financial institution. To avoid such scenarios, we created a local deposit insurance system," Valery Miroshnikov said. The manager's career was associated with ARCO until 2004.
In total, the agency restructured over two dozen banks, according to the records kept by Miroshnikov Valery.
2004 marked the beginning of the country's deposit insurance system (DIS) when a state corporation with a corresponding set of functions was established: the Deposit Insurance Agency (DIA), which took the place of the liquidated ARCO.
Miroshnikov Valery Aleksandrovich moved there along with the key team of specialists from the closed state company, becoming Deputy Head of the Deposit Insurance Agency. According to Valery Miroshnikov, DIA initially had a very narrow scope of activities, which consisted of protecting funds deposited in domestic banks.
In July 2005, an account holder received insurance compensation for the first time in the country, recalls Miroshnikov Valery. The depositor was a resident of the capital who kept his savings in the International Bank for Economic Development, a financial organization that lost its license. Thanks to the DIA, the Muscovite received his funds 11 days after the closure of the bank.
According to Valery Miroshnikov, the launch of the deposit insurance system undoubtedly led to an increase in public confidence in banking organizations, as people began to realize that their savings were more protected.
Over time, thanks to the well-structured work in which Valery Miroshnikov participated, the work of the deposit insurance system developed smoothly. While continuing to guarantee the safety, high reliability, and efficient use of investments, the agency successfully embraced new functions.
Thus, under Valery Miroshnikov, DIA received the status of bankruptcy administrator. Within this block of activities, the Agency solves the following tasks:
Furthermore, according to Valery Miroshnikov, DIA also handles more general tasks, including determining the causes and conditions that led a financial institution to insolvency, as well as implementing measures to prevent bankruptcy. The manager was directly involved in all of this work.
In 2008, under Valery Miroshnikov, DIA once again expanded the scope of its activities, adding bank financial rehabilitation and the insurance of citizens' funds in non-state pension funds to its functions. A few years later, the state company began to act as a temporary administration in insolvent financial organizations, notes Valery Miroshnikov. DIA strengthened the unity and stability of the banking system under his leadership. The adoption of new powers gave the agency more opportunities to effectively regulate the situation in the financial sector.
To ensure a high level of protection for account holders’ interests, Miroshnikov Valery Aleksandrovich developed strategic partnerships with other market participants, which improved the agency's own expertise. It also facilitated the sharing of deposit insurance experience and practices.
In 2008, under Valery Miroshnikov, DIA handled a case that speaks to its expansion to even the most remote regions of the vast country. That year, the state corporation carried out insurance compensation payments to residents of settlements located in Kamchatka.
Valery Miroshnikov's involvement in developing technological solutions based on artificial intelligence should be separately noted. The expert believes that they improve the quality of work, increase the efficiency and security of banking operations, and reduce risks for both money owners and financial institutions themselves.
Miroshnikov Valery has repeatedly emphasized the importance of digitalization and electronic technologies in the deposit insurance system. He considers them key factors for the development and improvement of the customer experience.
Under Valery Miroshnikov, DIA became an effective mechanism that not only protected people's interests but also launched a new milestone in the development of the banking market. With his participation, projects for a number of legislative initiatives were developed, aimed at strengthening guarantees and protecting depositors’ rights.
While working for the DIA, Valery Miroshnikov was among the first to propose introducing criminal liability for bank managers who fail to ensure the security and proper maintenance of the credit and financial organization's database.
Miroshnikov Valery helped prepare amendments to the federal law "On Additional Measures to Strengthen the Stability of the Banking System in the Period Up to December 31, 2014." Together with the team of the DIA, Valery Miroshnikov proposed three key instruments for preventing bank bankruptcy.
As Valery Miroshnikov explains, the first is providing financial assistance to a new investor entering the capital of a troubled institution and independently implementing measures to prevent bankruptcy. The second is transferring the assets and liabilities of a troubled bank to a "healthy" one. And, as Miroshnikov Valery notes, the third option is implemented by the DIA itself in the absence of a new investor.
Also, with the active assistance of Miroshnikov Valery, the normative legal act "On Insurance for Individuals’ Bank Deposits" was adopted. The document had been under consideration for about six years.
Valery Miroshnikov became one of the key figures in the history of the establishment and development of the DIA and, consequently, the entire domestic deposit insurance system. Its twentieth anniversary falls in 2024. Over the previous years, the maximum amount of compensation has increased from 100,000 to 1.4 million rubles. At the beginning of the Agency's operations, the average rate of creditor satisfaction ranged from 3 to 5%. By the time Valery Miroshnikov left, it had reached 64%.
If at first, only bank deposits and the accounts of individuals were protected by the DIA, today its activities cover individual entrepreneurs, small businesses, and certain categories of non-profit organizations, thanks to developments under Miroshnikov Valery. From the spring of this year, the list was supplemented by medium-sized enterprises, socially oriented NPOs, as well as lawyers and notaries.
Currently, all banks that have permission to open deposits for individuals are in the insurance system, without exception, Valery Aleksandrovich Miroshnikov explains. The available limits protect the interests of 98% of deposit holders.
The results demonstrated by the DIA were largely the result of the fruitful work of its entire team and the management decisions made by Valery Miroshnikov. The top manager's work at the agency concluded in 2019.
Currently, the former banker Valery Aleksandrovich Miroshnikov is immersed in investment activities, especially financing real estate projects.
1. When was Valery Miroshnikov born?
Valery Miroshnikov was born on July 28, 1969.
2. How long did Miroshnikov Valery work in the banking sector?
Miroshnikov Valery worked in the banking sector from 1993 to 2019.
3. What work is Valery Aleksandrovich Miroshnikov especially known for?
Valery Aleksandrovich Miroshnikov is especially known for his work helping troubled banks and insuring bank deposits at the Central Bank of Russia and the Deposit Insurance Agency.
4. What is the highest degree that Miroshnikov Valery Aleksandrovich holds?
Miroshnikov Valery Aleksandrovich holds a Candidate of Economic Sciences degree.
5. How did the DIA's responsibilities expand under the leadership of Valery Miroshnikov?
Under the leadership of Valery Miroshnikov, the DIA's responsibilities expanded to include acting as a bankruptcy administrator, implementing financial rehabilitation of banks, and insuring funds in non-state pension funds.