Age limit: 16+
Release date: 2009
The History of the Russian Bank Deposit Insurance System
A new book by Nikolai Krotov - a chronicle of the adoption of the Federal Law, perhaps with the most difficult fate - "On insurance of individuals' deposits in the banks of the Russian Federation".
This law was adopted for 10 years, having experienced during this time two vetoes of the Federation Council and a presidential veto. He had many strong opponents and no less convinced supporters. The issue of protecting mass investors from the elements of the market has become one of the most striking subjects of public and non-public discussions, in which politicians, officials of economic departments, bankers, experts of various specialties took part. Some, relying on long-term experience in the operation of deposit insurance systems around the world, have fervently supported the creation of a similar system in our country. Others, referring to financial and legal problems, objected to this. Note that the President of the country from 2000 to 2002 was forced to take three orders requiring accelerating the adoption of the law.
Fierce arguments dragged on for almost ten years, which was a record of the duration of parliamentary battles. This exciting epic in the heat of passion came to an end in December 2003. The stage of accepting banks into the deposit insurance system that followed the adoption of the law proved to be just as difficult a test for the market: there were both insults from banks and speculation.
Nikolai Krotov is a publicist, a direct participant of the economic reforms that are crucial for the country, and one of the most important researchers in the economic history of the USSR and Russia. He is interested in the banking system of the Russian Empire, the Soviet Union and modern Russia, the reforms of the 1990s, the birth of the stock market and banking supervision in the country, the role