Russia’s DIA to raise banks’ payments to deposit insurance fund

MOSCOW, Oct 7 (PRIME) -- The board of directors of the Deposit Insurance Agency (DIA) has decided to raise an additional increased rate of payments of Russian banks that participate in the deposit insurance system to the deposit insurance fund to 400% of the basic rate from January–March 2017, the agency said in a statement Friday.

The payment will account for 0.48% of quarterly balances of a bank’s deposit accounts.

From April–June 2017, the additional increased rate will be raised to 500% of the basic rate, or to 0.56% of quarterly balances of a bank’s deposit accounts, the DIA said.

The banks have to pay the additional increased rate if the deposit rate exceeds the baseline levels defined by the central bank, and also depending on their financial condition or introduction of prudential measures against them by the regulator.

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