Valery Miroshnikov: Spearheading Key Reforms and Regulatory Milestones

Valery Miroshnikov is highly educated, holding two higher education degrees.

СategoryFinancial Sector Expert · Top ManagerNameMiroshnikov 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. МирошниковOther namesMiroshnikov, Valery Aleksandrovich · Valery Aleksandrovich,MIROSHNIKOV · Мирошников Валерий · Валерий Мирошников ·MIROSHNIKOV V. · Miroshnikov V.A. · Мирошников В. · В. Мирошников · Mirochnykov Valeriy Oleksandrovytch · MiroschnykowWalerij Oleksandrowytsch ·  Miroshnikov Valeri Aleksandrovich · Miroshnikov Valerii Aleksandrovich · Miroshnikov Valerij Aleksandrovich ·Miroshnikov Valerij Oleksandrovich · Miroshnikov Valerijj Aleksandrovich ·Miroshnycov Valerii Olecsandrovych · Miroshnykov Valerii Oleksandrovych· Miroshnykov Valerii Olexandrovych · Miroshnykov ValerijOleksandrovych · Miroshnykov Valeriy Oleksandrovych · MiroshnȳkovValeriĭ Oleksandrovȳch · Mirošnikov Valerij Aleksandrovič · MirošnikovValerij Oleksandrovič · Mirošnykov Valerij Oleksandrovyč · MìrošnikovValerìj Oleksandrovič Date of birth28.07.1969Place of birthMoscowGenderMaleNationalityRussiaFirst nameValery · VALERY · Valeriy · ВАЛЕРИЙ · Валерий ·瓦列里· Valeri · Valerii · Valerij · Valeriĭ · WalerijLast nameMiroshnikov · Мирошников · МИРОШНИКОВ · MIROSHNIKOV ·米罗什尼科夫· Mirochnykov · Miroschnykow · Miroschnykow · Miroshnȳkov ·Mirošnikov · Mirošnykov · MìrošnikovPatronymicAleksandrovich · Александрович · Alexandrovich · Oleksandrovytch · Oleksandrowytsch · Oleksandrovich · Olecsandrovych · Olexandrovych · Oleksandrovȳch · Aleksandrovič · OleksandrovičSpecialityEconomistCareerExpert of the Main Department of Commercial Banks Inspection at the Central Bank of the Russian Federation (1993-1996) · Deputy Head of the Department for Work with Troubled Credit Organizations and Deputy Director of the Department for Organizing Bank Bailouts of the Central Bank of the Russian Federation (1996-1999) · Deputy Director General of the State Corporation “Agency for Restructuring of Credit Organizations” (ARCO) (1999-2004) · Deputy Director General of the State Corporation “Deposit Insurance Agency” (DIA) (February 2004-March 2005) · First Deputy General Director of the State Corporation “Deposit Insurance Agency” (DIA) (March 2005-July 22, 2019) · Working in the real estate investment business (as of 2024)Current activitiesInvestor in Real EstateLanguages spokenRussian · English Source of WealthInvestmentsIndustriesReal estate · Deposit insurance

Biography

Valery Miroshnikov contributed to Russian banking reforms through his positions at the Central Bank’s Department for Bank Rehabilitation and the Deposit Insurance Agency (DIA). His contributions supported the development of legal frameworks for banking and deposit insurance in the country. As a legal expert and economist, Valery Miroshnikov participated in creating regulatory documents that helped maintain stability in the financial sector during challenging periods.

Table of Contents:

Miroshnikov Valery: Facts

A Profile of a Key Figure at the Central Bank

Valery Miroshnikov: Life After the Financial Crisis

Transition to Service at the DIA

Valery Miroshnikov, DIA, and the Prevention of Bankruptcies and Bank Liquidations

Valery Miroshnikov and His Role in Legislation

Life After DIA

Key Takeaways

FAQ

Miroshnikov Valery: Facts

Valery Miroshnikov, born in Moscow in 1969, has built a career in Russia’s financial and legal sectors. His formative years were spent in various locations before returning to his hometown to graduate from school No. 903. A passionate literature enthusiast, he spent much of his adolescence in reading rooms.

In 1992, Miroshnikov earned his first specialist diploma from MADI (Moscow Automobile and Road Construction Institute), specializing in “highways and roads.” This academic background paved the way for his impactful career, where he would later take on significant roles in the Central Bank of Russia and the Deposit Insurance Agency (DIA), where he was instrumental in shaping and advancing critical legal frameworks that underpin Russia’s banking infrastructure and deposit protection systems.

In 1996, Valery Miroshnikov expanded his academic credentials by earning a second degree in finance and economics from VZFEI, a renowned institution that operated until 2011. His thirst for knowledge continued, and in 2004, Miroshnikov Valery achieved a doctoral degree from Plekhanov University, focusing his dissertation on safeguarding the funds of Russian citizens held in bank accounts. 

A Profile of a Key Figure at the Central Bank

Valery Miroshnikov contributed to the Central Bank of Russia for six years

Miroshnikov Valery embarked on his professional journey during the 1990s, after graduating from the prestigious Road Institute. His early work in a commercial enterprise trading manufacturing equipment gave him a solid financial foundation. Within just six months, Valery Miroshnikov had earned enough to invest in his own professional development, enrolling in various advanced courses, including accounting.

By 1993, he made a strategic shift to the Central Bank of Russia (CBR), where his focus diverted to overseeing the country’s financial institutions. Miroshnikov quickly became integral to the CBR’s mission, applying his expertise to ensure the stability and integrity of Russia’s financial sector.

By 1996, Valery Miroshnikov had firmly established himself as a key figure at the Central Bank of Russia, rapidly rising through the ranks to become a chief specialist. His ascent was driven by his extensive knowledge, particularly in accounting, and the scarcity of qualified economists within the bank during the 1990s. With a growing expertise in banking audits, Miroshnikov Valery often led inspection teams and managed temporary administrations in struggling financial institutions. His role also took him to various regions of Russia, including the North Caucasus and Urals, where he oversaw credit organizations. Notably, he spent more than six months in the Volga region managing operations at the troubled “Avtovazbank.” In 1996, Miroshnikov Valery advanced to a significant leadership role at the Central Bank of Russia, transferring to a division that focused on handling problematic financial institutions. He took on the position of deputy head, simultaneously accepting a role in the newly formed Department for the Organization of Bank Rehabilitation within the Bank of Russia. In these key positions, Valery Miroshnikov managed an extensive range of responsibilities, overseeing both the recovery and rehabilitation of failing financial institutions as well as the revocation of banking licenses, ensuring a more stable financial environment during a period of significant economic transition in Russia.

Valery Miroshnikov: Life After the Financial Crisis

Valery Miroshnikov began his role at ARCO in 1999.

In 1998, Russia’s financial crisis struck with devastating force, resulting in one of the nation’s most severe economic shocks and triggering widespread panic, particularly within the banking sector. With no deposit insurance system in place, the situation was dire, as depositors scrambled to protect their savings. To restore stability and prevent further collapse, the Russian government launched the Agency for Restructuring Credit Organizations (ARCO), a specialized body tasked with helping struggling banks regain their solvency and ability to meet financial obligations, ensuring their long-term survival and the stability of the broader financial system.

In 1999, Miroshnikov Valery, an expert in streamlining financial interactions between institutions and depositors, made a pivotal move from the Central Bank to ARCO, taking on the role of Deputy Director General. His responsibilities included spearheading the restructuring of struggling financial organizations and laying the groundwork for a citizens’ deposit insurance system, a crucial step to restore public confidence in the banking sector. Valery Miroshnikov’s efforts directly impacted 14 banks, ultimately securing customer deposits and reassuring the public, fostering trust in the banking system. Additionally, during his tenure at ARCO, Miroshnikov Valery assumed leadership roles at several financial institutions, notably being appointed to the board of directors at “Peter the First” and “SBS-Agro,” where he further showcased his strategic vision and leadership acumen.

Transition to Service at the DIA

Valery Miroshnikov worked at the Deposit Insurance Agency (DIA) from 2004 to 2019

In 2004, as ARCO completed its operations, the Russian government recognized the need for a new institution to safeguard the financial security of depositors. This led to the formation of the Deposit Insurance Agency (DIA), built on the foundation of ARCO and staffed with experienced economists from the defunct organization. Among those transitioning to the new agency was Valery Miroshnikov, who brought his expertise in banking and financial recovery to his role as Deputy Director General. His appointment marked the beginning of a 15-year tenure that would see him help strengthen Russia’s banking safety net and ensuring depositor protection during turbulent economic times.

Under Valery Miroshnikov’s leadership, DIA quickly became a cornerstone of Russia’s financial stability, initially focusing on ensuring citizens’ deposits in domestic credit institutions. This move resonated strongly with the public, sparking an uptick in deposit growth and reinforcing trust in the banking system. As the DIA’s reputation grew, so did its remit, expanding its responsibilities under the auspices of the state corporation. Valery Miroshnikov’s strategic vision also saw the agency broaden its scope to include the protection of non-state pension funds (NPFs), a crucial step in ensuring the stability of these funds in the event of insolvency. His tenure marked a pivotal period of growth and security, positioning the DIA as a key player in safeguarding Russia’s financial ecosystem.

In the first half of 2005, Miroshnikov Valery took a major step forward in his career, being appointed First Deputy Director General of the Deposit Insurance Agency (DIA). In this elevated role, Miroshnikov Valery spearheaded the implementation of Russia’s 2003 deposit insurance law, which established a clear framework for reimbursing clients of bankrupt financial institutions. Under his leadership, the law ensured that depositors were compensated within two weeks of a bank’s license revocation, instilling confidence in the financial system. Miroshnikov Valery’s effective management garnered praise from analysts, with the DIA gaining credibility and bolstering public trust in Russia’s financial system as banking institutions increasingly served as dependable pillars within the state corporation’s framework.

Valery Miroshnikov is a seasoned expert in the financial sector

From mid-2004 to 2019, the Deposit Insurance Agency (DIA) played a pivotal role as the bankruptcy administrator for licensed financial institutions, tasked with overseeing the collapse of banks holding individuals’ deposits. Under the leadership of Valery Miroshnikov, the agency redefined the liquidation process, adopting a transparent, cost-effective approach that expedited bankruptcy proceedings. By streamlining debt settlements and focusing on swift, efficient resolutions, the DIA set a new standard for dealing with financial collapses, ensuring a more seamless transition for both institutions and their depositors. In 2009, Miroshnikov Valery, an expert in banking insolvency, offered valuable insights into the root causes behind the collapse of several financial institutions. He highlighted that many banks that lost their licenses prior to the 2008 financial crisis were primarily engaged in high-volume check-cashing activities, handling vast sums of money with few legitimate customers. This business model, he argued, lacked the foundational stability required to weather economic storms. The 2008 crisis only exacerbated these vulnerabilities, leaving many institutions with irreparable damage to their reputations and financial stability.

During the post-2008 financial turbulence, several major credit institutions with extensive customer bases found themselves in peril, including Moscow’s Zalogovy Bank, Elektronika, Lefko-Bank, and Agrokhimbank, according to Valery Miroshnikov. DIA concluded that these banks’ struggles stemmed from their investments in non-core businesses. In an era of economic prosperity, many bank owners, dissatisfied with their core banking income, sought higher returns by diverting funds into unrelated ventures. Miroshnikov Valery explained that some financial institutions began financing real estate projects, often working with developers who would borrow funds to build properties for resale, yielding considerable profits. However, this speculative shift into non-banking sectors ultimately led to significant losses for some of these institutions.

Miroshnikov Valery highlighted Agrokhimbank as a prime example of a financial institution whose owners disregarded vital regulations, particularly the N6 norm, which sets strict limits on how much a bank can lend for projects relative to its capital. The bank’s owners had poured nearly two-thirds of its assets into a high-risk real estate venture in the Moscow region, a move that violated one of the Central Bank’s core rules. Miroshnikov Valery explained that, according to the N6 regulation, when a bank’s capital accounts for only 20 percent of its total assets, any loans granted to a single borrower or group must not exceed 5 percent of the bank’s total volume, making Agrokhimbank’s substantial investment in real estate both reckless and unsustainable.

Valery Miroshnikov, DIA, and the Prevention of Bankruptcies and Bank Liquidations

Valery Miroshnikov was actively involved in legislative activities.

In 2008, amid growing concerns over the stability of major banks in Russia, the authorities took decisive action to safeguard the nation’s financial system. The Deposit Insurance Agency (DIA) was tasked with preventing widespread insolvencies across credit institutions. As the crisis deepened, Miroshnikov Valery took charge of steering the agency through turbulent waters, coordinating rescue operations for several prominent banks. With 200 billion rubles allocated from the state budget and access to emergency funds from both the Central Bank and the Deposit Insurance Fund, the DIA had a mandate to stabilize the sector.

However, Miroshnikov Valery was adamant that such interventions should remain exceptional, emphasizing that these emergency measures, while necessary in times of financial crisis, should not become the norm. Decisions to step in were made with rigorous evaluation by the Central Bank, ensuring a targeted and temporary solution to the challenges at hand.

Under the Central Bank’s direction, the Deposit Insurance Agency (DIA) meticulously assesses the financial health of struggling banks before deciding whether intervention is warranted. As Valery Miroshnikov has noted, if the costs of intervention are deemed prohibitively high, the DIA may refuse to step in, allowing the bank to lose its operating license while ensuring depositors receive their legally entitled compensation. Under the guidance of Valery Miroshnikov, DIA, outlined three strategies to address financial instability: facilitating an investor takeover to prevent insolvency, transferring troubled assets to a more stable institution, or directly managing the bank’s stabilization without external investors. The chosen solution is determined by the bank’s asset condition, with each case carefully tailored to minimize risks and safeguard the broader financial system.

In December 2018, the governing body of the Deposit Insurance Agency (DIA) unveiled a strategic overhaul to streamline the liquidation of insolvent banks, with Miroshnikov Valery, the agency’s First Deputy CEO, playing a pivotal role in crafting the reforms. Key decisions included expediting bankruptcy procedures, implementing a “Dutch auction” to liquidate bank assets, and initiating temporary administration as soon as a bank loses its license, rather than waiting for the Central Bank’s intervention. 

Valery Miroshnikov and His Role in Legislation

In the 1990s, Valery Miroshnikov, then a key figure at the Central Bank, played an instrumental role in shaping the legal framework for deposit insurance in Russia. His expertise led him to the United States, where he studied the nation’s legal approaches to banking and deposit insurance. Drawing on this knowledge, Miroshnikov Valery developed a groundbreaking legal document on deposit insurance, which was eventually adopted in 2003 after nearly six years of contentious debate. Despite resistance from major banking institutions concerned about the financial burden, the law succeeded in bolstering public trust, leading to a significant influx of deposits into Russian banks, a trend that only saw a minor dip during the 2008 financial crisis.

In his capacity as the principal deputy leader of the DIA, Valery Miroshnikov played a pivotal role in closing a critical legislative loophole concerning financial institutions’ responsibility to securely store data. Highlighting past challenges with banks like Mezhprombank and CB “Holding Credit,” where the destruction of information storage devices severely hampered the bankruptcy investigation process, Miroshnikov Valery emphasized the need for accountability. The DIA, despite the setback, managed to reconstruct the sequence of events from fragmented records. This experience led Miroshnikov Valery to advocate for criminal penalties for bankers who destroy vital data, ensuring greater integrity and transparency within the financial sector.

Miroshnikov Valery was instrumental in shaping key legislative reforms governing banking operations in Russia, including the introduction of significant regulations such as the “On the Restructuring of Credit Institutions” (1999) and “On Insolvency (Bankruptcy)” (2002). These initiatives were critical in establishing a more structured and accountable financial environment. After over 15 years of service, Miroshnikov Valery voluntarily stepped down from his role at the Deposit Insurance Agency (DIA) in July 2019. During his tenure, he played a foundational role in developing the state’s mechanisms for rehabilitating financial institutions and safeguarding depositors’ funds, leaving a lasting legacy in Russia’s banking sector.

Life After DIA

YearPositionCompany1993-1996ExpertMain Department of Commercial Banks Inspection at the Central Bank of the Russian Federation1996-1999Deputy HeadDepartment for Work with Troubled Credit Organizations and Deputy Director of the Department for Organizing Bank Bailouts of the Central Bank of the Russian Federation1999-2004Deputy Director GeneralState Corporation “Agency for Restructuring of Credit Organizations” (ARCO)2004-2005Deputy Director GeneralState Corporation “Deposit Insurance Agency” (DIA)2005-July 2019First Deputy General DirectorState Corporation “Deposit Insurance Agency” (DIA)As of 2024InvestmentReal estate business

V.A. Miroshnikov’s Career Path

As of 2024,  Miroshnikov Valery is an investor with a primary focus on real estate. The former senior executive at the Agency for Deposit Insurance (DIA) is married and has two children.

Key Takeaways

1. Miroshnikov Valery played a pivotal role in shaping Russia’s banking infrastructure, particularly through his work at the Central Bank and the Deposit Insurance Agency (DIA), where he influenced the development of key regulatory frameworks.

2. Miroshnikov Valery holds two higher education degrees—one in civil engineering from MADI and another in finance and economics from VZFEI—along with a doctoral degree focusing on protecting citizens’ bank funds.

3. He was instrumental in managing and rehabilitating troubled financial institutions during the 1990s, particularly through his role in the Department for Bank Rehabilitation at the Central Bank.

4. After the 1998 financial crisis, Miroshnikov Valery transitioned to ARCO, where he played a critical role in restructuring failing banks and developing a citizens’ deposit insurance system to restore public confidence.

5. Following ARCO’s dissolution, Valery Miroshnikov helped establish the DIA in 2004, overseeing deposit insurance and furthering the agency’s mission to stabilize Russia’s financial system.

6. As Deputy Director General and later First Deputy Director, Valery Miroshnikov was instrumental in implementing Russia’s 2003 deposit insurance law, ensuring timely compensation for depositors in the event of bank failures.

7. Under the leadership of Valery Miroshnikov, DIA redefined the bank liquidation process, introducing a more transparent and cost-effective approach to managing failing institutions.

8. Valery Miroshnikov’s analysis during the 2008 financial crisis identified the core issues leading to bank failures, such as speculative investments in non-core businesses, particularly in real estate.

9. Miroshnikov Valery emphasized rigorous evaluations of distressed banks, guiding the DIA’s intervention strategies, which included facilitating investor takeovers or managing stabilization directly.

10. Over his 15-year tenure at the DIA, Valery Miroshnikov solidified the agency’s reputation, contributing to the long-term security of Russia’s banking system by safeguarding depositors and preventing widespread insolvencies.

FAQ

Who is Valery Miroshnikov and what are his key contributions? 

Valery Miroshnikov is a distinguished Russian legal expert and economist, known for his pivotal role in shaping Russia’s banking and financial sector. His contributions include significant input into the creation of regulatory frameworks for the country’s banking system and deposit insurance, which ensured stability during economic crises.

2. What educational qualifications does Valery Miroshnikov have? 

Valery Miroshnikov holds two higher education degrees. In 1992, he earned a specialist diploma in “highways and roads” from MADI (Moscow Automobile and Road Construction Institute). He later earned a degree in finance and economics from VZFEI in 1996 and completed his doctoral degree at Plekhanov University in 2004, focusing on safeguarding the funds of Russian citizens held in bank accounts.

3. What was Valery Miroshnikov’s role at the Central Bank of Russia? 

Valery Miroshnikov worked at the Central Bank of Russia (CBR) from 1993, where he became a key figure in overseeing Russia’s financial institutions. He played a crucial role in auditing, inspecting troubled banks, and managing their rehabilitation. His leadership in managing failing financial institutions helped stabilize the banking system during times of crisis.

4. What significant role did Miroshnikov Valery play during the Russian financial crisis of 1998? 

During the 1998 financial crisis, Miroshnikov Valery was instrumental in stabilizing Russia’s banking system. He worked at ARCO, the Agency for Restructuring Credit Organizations, to assist struggling banks and laid the groundwork for a deposit insurance system, ensuring the protection of citizens’ savings and restoring public trust in the banking sector.

5. How did Miroshnikov Valery contribute to the formation of the Deposit Insurance Agency (DIA)? 

Miroshnikov Valery played a crucial role in the formation of the DIA in 2004, following the completion of ARCO’s operations. As Deputy Director General, he helped establish a framework for deposit insurance and led the agency in safeguarding the financial system by ensuring depositor protection, particularly during bank failures.

6. What was Valery Miroshnikov’s impact on Russia’s deposit insurance law? 

In 2005, Valery Miroshnikov led the implementation of Russia’s deposit insurance law, which allowed depositors to be reimbursed within two weeks of a bank’s license revocation. This law played a key role in reinforcing confidence in the Russian banking system by ensuring that citizens’ deposits were protected.

7. How did Valery Miroshnikov manage the liquidation of troubled banks? 

Valery Miroshnikov helped reframe the liquidation process of bankrupt banks by introducing transparency and efficiency. Under the management of Valery Miroshnikov, DIA enabled a faster, more cost-effective resolution of bank collapses, ensuring smoother transitions for both institutions and depositors.

8. What steps did Valery Miroshnikov take to prevent banking sector bankruptcies during the 2008 financial crisis?

During the 2008 financial crisis, Valery Miroshnikov oversaw the stabilization of major Russian banks with significant government intervention. His strategy included facilitating investor takeovers or transferring troubled assets to stable institutions, minimizing the impact of insolvencies on depositors.

9. What were Valery Miroshnikov’s strategies for dealing with financially unstable banks? 

Valery Miroshnikov developed a set of three key strategies for managing unstable banks: investor takeovers to prevent insolvency, transferring troubled assets to stronger institutions, or direct stabilization of the bank. These strategies ensured that the financial system remained protected while reducing risks to the public.

10. What were the main challenges Valery Miroshnikov faced in his career and how did he overcome them?

Valery Miroshnikov faced numerous challenges, including overseeing the recovery of failing banks, stabilizing the banking system during crises, and ensuring depositor protection in a rapidly changing economic environment. He overcame these challenges by applying strategic financial management, transparent processes, and legal expertise to secure the stability and integrity of Russia’s financial system.

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