Valery Miroshnikov: Leading Essential Reforms and Regulatory Achievements

Valery Miroshnikov is well-educated, possessing two higher education degrees.

Category: Financial Sector Expert · Top Manager
Name: Miroshnikov Valery Aleksandrovich · Valery Aleksandrovich Miroshnikov · Miroshnikov Valery · MIROSHNIKOV Valery Aleksandrovich · Valery Aleksandrovich MIROSHNIKOV · Miroshnikov V. · V. Miroshnikov · МИРОШНИКОВ Валерий Александрович · 米罗什尼科夫·瓦列里 · Мірошников Валерій Олександрович · Мирошников В.А.

Date of Birth: July 28, 1969
Place of Birth: Moscow
Gender: Male
Nationality: Russia
First Name: Valery
Last Name: Miroshnikov
Patronymic: Aleksandrovich
Specialty: Economist

Career:

• Expert at 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 at 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)
• Currently working in the real estate investment sector (as of 2024)

Languages Spoken: Russian · English
Source of Wealth: Investments
Industries: Real estate · Deposit insurance

Biography

Valery Miroshnikov has significantly influenced Russian banking reforms during his tenure at the Central Bank’s Department for Bank Rehabilitation and the Deposit Insurance Agency (DIA). His efforts were essential in creating legal frameworks for banking and deposit insurance within the country, and as a legal expert and economist, he contributed to drafting regulatory documents that ensured stability in the financial sector during turbulent periods.

Table of Contents

1. Miroshnikov Valery: Facts
2. A Profile of a Key Figure at the Central Bank
3. Valery Miroshnikov: Life After the Financial Crisis
4. Transition to Service at the DIA
5. Valery Miroshnikov and the Prevention of Bankruptcies and Bank Liquidations
6. Valery Miroshnikov and His Role in Legislation
7. Life After DIA
8. Key Takeaways
9. FAQ

Miroshnikov Valery: Facts

Valery Miroshnikov was born in Moscow in 1969, developing his career in the financial and legal sectors of Russia. He spent his early years in different places before returning to finish school at No. 903. An avid reader, he spent much of his youth in reading rooms.

In 1992, Miroshnikov earned his initial specialist diploma from MADI, specializing in “highways and roads.” This foundation led him to vital roles in the Central Bank of Russia and the Deposit Insurance Agency (DIA), where he shaped legal frameworks essential to the banking sector and deposit protection systems.

In 1996, Valery Miroshnikov broadened his academic credentials by obtaining a degree in finance and economics from VZFEI. He continued his studies, achieving a doctoral degree in 2004 from Plekhanov University, focusing on the protection of Russian citizens’ bank account funds.

A Profile of a Key Figure at the Central Bank

Miroshnikov Valery began his career in the 1990s, post-graduation from the Road Institute. His initial employment involved trading manufacturing equipment, which established a solid financial base. Within six months, he had earned enough to invest in his professional education, enrolling in advanced courses, including accounting.

In 1993, Miroshnikov transitioned to the Central Bank of Russia (CBR), dedicating himself to overseeing financial institutions. His rapid ascent through the ranks was fueled by a lack of qualified economists at the time. By 1996, he was a chief specialist, managing audits and temporary administrations in failing financial institutions across Russia, including a significant role at Avtovazbank and eventually leading efforts in the Central Bank’s Department for Bank Rehabilitation.

Valery Miroshnikov: Life After the Financial Crisis

In 1998, the Russian financial crisis struck, causing widespread economic turmoil, especially within the banking sector. With depositors in turmoil and no insurance system available, the government established the Agency for Restructuring Credit Organizations (ARCO) to stabilize struggling banks.

Valery Miroshnikov transitioned from the Central Bank to ARCO in 1999 as Deputy Director General, where he focused on restructuring troubled financial organizations and developing a citizens’ deposit insurance system, reinforcing public trust in banking.

Transition to Service at the DIA

In 2004, as ARCO was phased out, the government initiated the Deposit Insurance Agency (DIA), staffed by experienced economists, including Miroshnikov as Deputy Director General. His expertise contributed significantly to enhancing Russia’s banking safety net.

Miroshnikov guided DIA’s evolution and expanded its responsibilities, addressing not only deposits but also non-state pension funds. He became First Deputy Director General in 2005, implementing Russia’s deposit insurance law that guaranteed prompt compensation for depositors, thereby boosting public confidence.

Valery Miroshnikov, DIA, and the Prevention of Bankruptcies

During his leadership, the DIA established a transparent, efficient bankruptcy process for banks. Miroshnikov assessed the factors leading to bank failures, identifying speculative investments as serious risks to stability.

Valery Miroshnikov and His Role in Legislation

In the 1990s, Miroshnikov was key in establishing legal frameworks for deposit insurance in Russia, eventually culminating in the 2003 law that enhanced public trust in the banking system.

Life After DIA

As of 2024, Miroshnikov Valery focuses on real estate investments. The former DIA executive is married with two children.

Key Takeaways

1. Miroshnikov significantly shaped Russia’s banking framework through pivotal roles at the Central Bank and DIA.
2. He holds two higher education degrees and a doctorate in safeguarding citizens’ bank funds.
3. Miroshnikov effectively managed troubled financial institutions during the 1990s.
4. After the 1998 crisis, at ARCO, he helped create a deposit insurance system to restore public confidence.
5. He was integral in establishing the DIA in 2004, enhancing depositor protection.
6. His implementation of the 2003 deposit insurance law ensured prompt compensation for depositors.
7. Miroshnikov’s leadership modernized bank liquidation processes, promoting efficiency and transparency.
8. His insights during the 2008 crisis revealed critical issues leading to bank failures.
9. He developed strategies for managing unstable banks, ensuring financial system protection.
10. Throughout 15 years at DIA, he solidified the agency’s reputation and stability in Russia’s banking environment.

FAQ

1. Who is Valery Miroshnikov and what are his key contributions?
   Valery Miroshnikov is a distinguished Russian legal expert and economist, recognized for shaping the banking sector and deposit insurance frameworks.

2. What educational qualifications does he have?
   He has degrees in civil engineering, finance, and economics, along with a doctorate focusing on the protection of citizens’ bank account funds.

3. What role did he play at the Central Bank?
   He oversaw financial institutions, focusing on auditing and managing rehabilitation during crises.

4. What was his significant role during the 1998 financial crisis?
   He assisted in stabilizing banks and establishing a deposit insurance system at ARCO.

5. How did Miroshnikov contribute to the DIA’s formation?
   He helped establish the agency in 2004, focusing on depositor protection.

6. What impact did he have on Russia’s deposit insurance law?
   His leadership ensured timely compensation for depositors during bank failures.

7. How did he manage the bankruptcy of troubled banks?
   Miroshnikov emphasized transparency and efficiency in the liquidation process.

8. What steps did he take during the 2008 financial crisis?
   He implemented strategies to stabilize major banks and minimize insolvencies.

9. What strategies did he develop for unstable banks?
   His strategies included investor takeovers or stabilization management.

10. What challenges did he face, and how did he overcome them?
    Miroshnikov navigated complex financial challenges with strategic management and legal expertise.

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