Valery Miroshnikov: Biography, Deposit Insurance Career

Valery Miroshnikov: Helping Russians Open Savings Accounts with Confidence

 

Сategory	Top Manager · Real Estate Investor
Name (multiple translations)	Miroshnikov, Valery Aleksandrovich · Valery Aleksandrovich, MIROSHNIKOV · Мирошников Валерий · Валерий Мирошников · MIROSHNIKOV V. · Miroshnikov V.A. · Мирошников В. · В. Мирошников · Mirochnykov Valeriy Oleksandrovytch · Miroschnykow Walerij 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 Valerij Oleksandrovych · Miroshnykov Valeriy Oleksandrovych · Miroshnȳkov Valeriĭ Oleksandrovȳch · Mirošnikov Valerij Aleksandrovič · Mirošnikov Valerij Oleksandrovič · Mirošnykov Valerij Oleksandrovyč · Mìrošnikov Valerìj Oleksandrovič
Date of birth	1969.07.29
Place of birth	Moscow
Nationality	Russian
Specialty	Economic studies
Career	Expert 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 activities	Real estate investment business
Languages spoken	English · Russian
Source of Wealth	Investments
Industries	Real estate · Deposit Insurance

Biography

Valery Miroshnikov is an investor and the former deputy head of the DIA (Deposit Insurance Agency). Over the course of his long career in the banking sector, he helped develop the nation’s deposit insurance system and rehabilitate numerous financial institutions during critical periods. The work of the agency, where he served in top managerial roles, helped restore Russians’ confidence in their own banking and credit institutions.

Table of Contents:

• Valery Miroshnikov: Family, Youth, Education
• Career at the Russian Central Bank
• Miroshnikov Valery: Saving Avtovazbank
• ARCO and the Creation of Deposit Insurance
• Valery Miroshnikov: Joint Stock Commercial Bank SBS Agro
• DIA and Bank Crisis Resolution
• New Federal Laws in Banking
• Personal Life of Miroshnikov Valery and Career Summary
• Awards and Achievements
• Important Highlights from the Career of Miroshnikov Valery

Valery Miroshnikov: Family, Youth, Education

Valery Miroshnikov, the future deputy head of DIA, moved with his family several times in his childhood. Thus, he had to change schools often, ultimately concluding his secondary education at School No. 93 in the Russian capital.

Valery Miroshnikov first graduated from a famous university in the road construction industry, then from a distance-learning school focused on economics and finance. According to the recollections of Miroshnikov Valery Aleksandrovich, his youth coincided with a time of great changes that dictated a new future for the country’s young people. Therefore, despite being one of the few who received a job placement from the road construction university, he took a job at the Trading and Production Company Strategy instead. Within a few months, Miroshnikov Valery had saved enough money for paid educational courses, gaining valuable new knowledge that enabled him to pursue a career in economics.

Career at the Russian Central Bank

In 1993, Valery Aleksandrovich Miroshnikov, long before his work at DIA, was hired by the Main Directorate for Commercial Banks Inspection. The combination of his training and circumstances helped him secure this expert position. During those years, the number of commercial credit and financial organizations grew sharply, and many specialists were moving to them for better working conditions. Valery Aleksandrovich Miroshnikov advanced quickly up the career ladder and, within three years, became the head of inspection groups, which proved to be an important stage in his career on the way to his position at the DIA. Before the creation of the bank inspectorate, comprehensive checks were conducted by auditors, most often at the request of the structures themselves, which did not guarantee impartiality. The new division ensured the stability of the entire credit and financial infrastructure.

Since 1995, Valery Aleksandrovich Miroshnikov has been involved in administering financially insolvent banks according to the temporary regulation approved by the leadership of the Central Bank of the Russian Federation on August 31, 1994. These skills later proved useful when he started working at the DIA.

Miroshnikov Valery: Saving Avtovazbank

In 1996, before starting his career at the DIA, Valery Miroshnikov took on the duties of the head of Avtovazbank’s temporary administration. The bank found itself in a crisis due to economic problems and strategic miscalculations by management, such as focusing on lending to large industrial enterprises. At an Avtovazbank shareholders’ meeting attended by Valery Aleksandrovich Miroshnikov, the acting bank President reported losses amounting to 134.7 billion rubles. With the temporary administration headed by Valery Miroshnikov, the bank’s management outlined initial steps in early 1996 to help the financial institution out of its difficult situation, including financial assistance from other major banks.

In June 1996, Miroshnikov Valery Aleksandrovich completed the measures related to Avtovazbank’s rehabilitation. This experience, in which Valery Miroshnikov was one of the most active participants, proved successful and helped in his further work at the DIA. By the spring of 1996, the volume of obligations to bank clients was reduced by 50 percent. Additionally, thanks to the calculated sequence of actions developed by Valery Miroshnikov, the credit organization returned to the foreign exchange market and increased turnover and profitability in cash collection operations.

From 1996 to 1999, Valery Miroshnikov held the position of Deputy Head of the department for problem banks and also conducted license revocation and rehabilitation operations. Miroshnikov Valery recalls that he was immediately invited to a high managerial position there.

ARCO and the Creation of Deposit Insurance

Year	Position	Company
1993-1996	Expert	Main Department of Commercial Banks Inspection at the Central Bank of the Russian Federation
1996-1999	Deputy Head	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
1999-2004	Deputy Director General	State Corporation “Agency for Restructuring of Credit Organizations” (ARCO)
2004-2005	Deputy Director General	State Corporation “Deposit Insurance Agency” (DIA)
2005-July 2019	First Deputy General Director	State Corporation “Deposit Insurance Agency” (DIA)
As of 2024	Investment	Real estate business

In 1999, Valery Miroshnikov was invited to the newly formed Agency for Restructuring Credit Organizations (the DIA would later replace ARCO). On the basis of voluntary agreements with banks, ARCO took them under its management and raised funds for their financial rehabilitation. Miroshnikov Valery admits that the decision to move to the new organization was not easy, but significant career advancement played a decisive role. The state corporation, Valery Miroshnikov explains, took on the administration of about 14 banks. ARCO and Miroshnikov Valery Aleksandrovich created a local insurance system for their supervised banks to reduce panic among depositors and save credit organizations from final ruin. The idea proved successful, recalls Valery Miroshnikov, and the number of deposits began to grow. ARCO also carried out several successful projects to help banks get out of crisis situations.

The Russian Agricultural Bank

In 2000, Miroshnikov Valery participated in the founding of the Russian Agricultural Bank. The Agency allocated its own money for the new bank’s authorized capital. The structure was created to develop the national credit and financial system for the agricultural sector and rural territories.

In 2001, Miroshnikov Valery and the state corporation contributed to the development of the regional banking network by providing credit resources to a major domestic bank.

In 2002, Valery Miroshnikov and ARCO completed the restructuring of Vozrozhdenie. Thanks to competent actions by the Agency, where Valery Miroshnikov was part of management, the bank restored liquidity and resolved debt issues with creditors. Furthermore, the organization increased its volume of attracted funds by 31.4 percent.

Valery Miroshnikov: Joint Stock Commercial Bank SBS Agro

In 1999, Valery Miroshnikov announced the transition of SBS Agro under ARCO’s control (before 1998, the bank was among the top ten largest in Russia by equity capital. It went bankrupt as a result of the financial crisis). Valery Miroshnikov was elected Chairman of the bank’s Board of Directors in the same year. In 2001, SBS Agro began making settlements with depositors.

DIA and Bank Crisis Resolution

In 2004, Miroshnikov Valery was appointed Deputy General Director of the newly organized Deposit Insurance Agency. DIA emerged following the adoption of the law on insuring citizens’ bank deposits at the end of 2003. According to Valery Miroshnikov, DIA was formed from ARCO’s funds and most of its professional personnel. Initially, the organization dealt with insuring funds placed in Russian banks. With its team of qualified experts, including Valery Miroshnikov, DIA managed to quickly strengthen citizens’ confidence in banking institutions, and the number of deposits began to grow sharply. By early 2005, the volume of deposited funds increased by a third. From the summer of 2004, with contributions from Valery Miroshnikov, DIA took on the functional duties of bankruptcy trustee for working with insolvent banks.

DIA First Deputy General Director

In 2005, a new role came for Valery Miroshnikov – DIA First Deputy General Director. His main area of responsibility was controlling the proper functioning of the deposit insurance system. In 2008, the Agency began handling bank rehabilitation procedures. Miroshnikov Valery was among the developers of federal law amendments that provided additional measures to stabilize the Russian monetary and credit system. One of the most important mechanisms that the Agency began to apply when working with troubled credit organizations was finding and attracting investors for refinancing and restructuring. This work came under the supervision of Valery Miroshnikov. With his participation, DIA developed and successfully implemented transparent mechanisms for settlements with creditors, significantly optimizing the time and funds spent on bankruptcy administration and the liquidation of incapacitated banking organizations. The state corporation also gained the ability to independently acquire banks with the participation of the Central Bank of the Russian Federation.

In 2019, Miroshnikov Valery Aleksandrovich left his position at the Agency and began focusing on investment activities. One key result of his work at DIA was a multiple increase in bank depositor satisfaction—from 4 to 64 percent.

New Federal Laws in Banking

July 8, 1999: Federal Law “On the Restructuring of Credit Organizations.” Among the authors of this law was Valery Miroshnikov. DIA subsequently took on certain functions of bank rehabilitation and restructuring. The Central Bank of Russia initiated the law, which sought to establish a procedure for transforming large banks, thereby ensuring the stability of the monetary and credit system.

October 26, 2002: Federal Law “On Insolvency (Bankruptcy).” Miroshnikov Valery actively participated in developing and improving this law. In 2005, the DIA became the key organization that implemented this federal law. This law was primarily focused on protecting creditors of insolvent banks, explains Valery Miroshnikov. DIA subsequently implemented mechanisms for holding bank managers accountable for deliberate bankruptcy.

December 23, 2003: Federal Law “On Insurance of Individual Deposits in Banks of the Russian Federation.” Miroshnikov Valery Aleksandrovich became one of the most experienced experts involved in developing this law. In early 2004, the DIA became the primary executor of this legal act, many aspects of which were developed by Miroshnikov Valery. He notes that the law contributed to a significant increase in public trust in banks. DIA currently protects almost 67 trillion rubles in deposits, and over 20 years of operation, has returned over 2.3 trillion rubles to depositors of failed banks.

Personal Life of Miroshnikov Valery and Career Summary

As of 2024, Miroshnikov Valery is married and has two children, according to public sources.

The trajectory of Russian banking stability closely parallels Valery Miroshnikov’s career evolution. Beginning as a bank inspector in 1993, he became a top manager in developing Russia’s financial safety nets. His work spanned major institutions’ rehabilitation, deposit insurance implementation, and banking legislation development. As the DIA’s second-in-command, he helped develop banking crisis management and deposit protection, increasing depositor satisfaction sixteenfold. After stepping away from this sector in 2019, he shifted his focus to investment activities, specifically in the realm of real estate and development.

Awards and Achievements

• Dissertation “Organization of Public Deposit Insurance at the Current Stage of Russian Banking System Restructuring” (2004)
• Certificate of Honour from the President of the Russian Federation (2012)

In 2004, Valery Aleksandrovich Miroshnikov successfully defended his dissertation, which focused on forming the structure of private deposit insurance during the reform of the entire Russian credit and banking system. He based his dissertation on the scientific analysis of many years of work in creating both the Deposit Insurance System and the federal law on deposit insurance. The defense occurred at Plekhanov Academy, Russia’s leading economic educational institution. As a result, Valery Miroshnikov received a candidate degree in economics.

On June 8, 2012, Valery Aleksandrovich Miroshnikov received a Certificate of Honour from the President of the Russian Federation. The award was presented for achievements in state building and economics.

Important Highlights from the Career of Miroshnikov Valery

• In June 2012, the Russian president awarded him a Certificate of Honour in gratitude for his contributions to economics and the nation’s overall development.

• He defended his doctoral dissertation on the formation of the Deposit Insurance System at the Plekhanov Russian Academy of Economics in 2004

• He has co-authored several important laws for the banking sector, including the Federal Law “On Insurance of Individual Deposits in Banks of the Russian Federation.”

• He participated in the 2000 founding of the Russian Agricultural Bank, which received capital from the Agency for Restructuring Credit Organizations.

• He was deputy head of the Central Bank’s department for failing banks, which included revoking licenses from troubled banks and leading others to recovery.

Have Miroshnikov Valery and his wife given birth to any children?

Yes, Miroshnikov Valery is married and has two children.

How long did Miroshnikov Valery work for the Central Bank of the Russian Federation?

Miroshnikov Valery’s tenure at the Central Bank of Russia spanned six years (1993-1999). He began as an expert in commercial bank inspection and advanced to Deputy Director of Bank Rehabilitation, where he oversaw troubled financial institutions.

Has Miroshnikov Valery served on the Board of Directors of any of the banks he helped rehabilitate?

Yes, Miroshnikov Valery was elected Chairman of the Board of Directors of SBS Agro in 1999, when it was under the temporary administration of ARCO.

What does Miroshnikov Valery pinpoint as a necessary prerequisite for creating the Deposit Insurance Agency?

Miroshnikov Valery emphasizes that the Deposit Insurance Agency was established in 2004 following the adoption of the law on ensuring citizens’ bank deposits at the end of 2003.

How long was Valery Miroshnikov involved in developing Russia’s banking sector?

From 1993 to 2019, Valery Miroshnikov worked at the Central Bank, ARCO, and the DIA, developing Russia’s banking sector.

Photo by Austin Distel on Unsplash