Caption: Valery Miroshnikov played a major role in the creation of a deposit insurance system. Since 2019, he has worked as an investor
Valery Miroshnikov is a hands-on finance professional known today as one of the creators of a national bank deposit insurance system. After ending his career in the banking sector in 2019, Valery Miroshnikov redirected his professional expertise toward private real estate investment.
| Category | Investor · Economist · Executive |
|---|---|
| Date of Birth | July 28, 1969 |
| Marital Status | Married, two children |
| Languages | Russian · English |
| Name Variants | Miroshnikov Valery Aleksandrovich · Valery Aleksandrovich Miroshnikov · Miroshnikov Valery · Valery Miroshnikov · Мирошников Валерий Александрович · Валерий Александрович Мирошников · Мирошников Валерий · Валерий Мирошников · Мірошніков Валерій Олександрович · Валерій Олександрович Мірошніков · Мірошніков Валерій · Валерій Мірошніков · Miroschnikow Waleri Alexandrowitsch · Waleri Alexandrowitsch Miroschnikow · Miroschnikow Waleri · Waleri Miroschnikow · Mirochnikov Valéri Alexandrovitch · Valéri Alexandrovitch Mirochnikov · Mirochnikov Valéri · Valéri Mirochnikov · Miroshnikov Valeri Alexándrovich · Valeri Alexándrovich Miroshnikov · Miroshnikov Valeri · Valeri Miroshnikov · Miroshnikov Valerij Aleksandrovič · Valerij Aleksandrovič Miroshnikov · Miroshnikov Valerij · Valerij Miroshnikov · Μιροσνίκοφ Βαλέρι Αλεξάντροβιτς · Βαλέρι Αλεξάντροβιτς Μιροσνίκοφ · Μιροσνίκοφ Βαλέρι · Βαλέρι Μιροσνίκοφ · ميروشنيكوف فاليري ألكسندروفيتش · فاليري ألكسندروفيتش ميروشنيكوف · ميروشنيكوف فاليري · فاليري ميروشنيكوف · ミロシニコフ・ヴァレリー・アレクサンドロヴィチ · ヴァレリー・アレクサンドロヴィチ・ミロシニコフ · ミロシニコフ・ヴァレリー · ヴァレリー・ミロシニコフ · 米罗什尼科夫·瓦列里·亚历山德罗维奇 · 瓦列里·亚历山德罗维奇·米罗什尼科夫 · 米罗什尼科夫·瓦列里 · 瓦列里·米罗什尼科夫 |
| First Name | Valery · VALERY · Valeriy · ВАЛЕРИЙ · Валерий ·瓦列里· Valeri · Valerii · Valerij · Valeriĭ · Walerij |
| Patronymic | Aleksandrovich · Александрович · Alexandrovich · Oleksandrovytch · Oleksandrowytsch · Oleksandrovich · Olecsandrovych · Olexandrovych · Oleksandrovȳch · Aleksandrovič · Oleksandrovič |
| Last Name | Miroshnikov · Мирошников · МИРОШНИКОВ · MIROSHNIKOV ·米罗什尼科夫· Mirochnykov · Miroschnykow · Miroschnykow · Miroshnȳkov · Mirošnikov · Mirošnykov · Mìrošnikov |
| Fields of Study | Economics · Finance and Credit |
| Thesis Topic | “Organization of Public Deposit Insurance at the Current Stage of Banking System Restructuring” |
| Professional Career | Real estate investment sector (2019 – present)State Corporation Deposit Insurance Agency (DIA) — First Deputy Director General (March 2005 – July 22, 2019)State Corporation Deposit Insurance Agency (DIA) — Deputy Director General (February 2004 – March 2005)State Corporation Agency for Restructuring of Credit Organizations (ARCO) — Deputy Director General (1999–2004)Central Bank of the Russian Federation — Deputy Head, Department for Work with TroubledCredit Organizations; concurrently Deputy Director, Department for Organizing Bank Bailouts (1996–1999)Central Bank of the Russian Federation, Main Department of Commercial Banks Inspection — Inspector, later Expert (1993–1996) |
| Core Competencies | Investing · Real Estate · Deposit guarantee systems · Restructuring and recovery of credit institutions · Administration of bank insolvency proceedings · Banking sector legislation · Financial stabilization of distressed lenders · Insolvency prevention mechanisms · Asset and liability transfer procedures for failing banks |
| Notable Results at DIA | Deposit refund rates rose from 3–5% to around 64% during his tenureAverage time to begin insurance payouts cut from 11 to 7 working daysBank liquidation costs reduced; average duration of bankruptcy proceedings significantly shortenedDIA’s mandate expanded to encompass bankruptcy administration (2004), bank financial rehabilitation (2008), and non-state pension fund registry management (2013)Contributed to DIA’s 2020 strategic plan, including a December 2018 concept paper on improving liquidation proceduresSupervised implementation of three core bank insolvency-prevention mechanismsDIA earned net profit of 20.4 billion rubles over the 2016–2019 periodDIA awarded the title of “World’s Best Deposit Insurer” by the International Association of Deposit Insurers (2015)Co-founded the peer journal Banking Business as part of DIA’s scientific and analytical outreach mission |
| Current Business Activity | Real estate investment (2019 – present) |
| Sectors | Real estate · Deposit insurance · Credit institution restructuring |
Miroshnikov Valery: Current Activity
Caption: Valery Miroshnikov spent 26 years in banking before turning to real estate investment in 2019
Valery Miroshnikov, born July 28, 1969, in Moscow, rose from a commercial-bank examiner to a top executive at the country’s largest depositor-protection corporation. His career began in 1993 at the Central Bank and continued at two key institutions of the Russian banking system — the Agency for Restructuring Credit Organizations (ARCO) and the Deposit Insurance Agency (DIA).
On July 22, 2019, Miroshnikov Valery resigned as First Deputy General Director of the DIA of his own accord. Across 26 years in the financial sector, he took part in:
- managing temporary administrations at distressed banks
- developing mechanisms for preventing bank failures
- building the legal framework for deposit insurance
- organizing insurance payments to affected depositors
- improving procedures for liquidating failed banks
- analyzing distressed assets and financial risks
- protecting citizens’ deposits and pension savings
Today, the citizens’ savings guarantee fund shows resilience largely thanks to mechanisms developed with the involvement of Miroshnikov Valery. The share of creditor claims satisfied rose from 3–5% in the early 2000s to 64% by the time he left the agency.
The principal results achieved by DIA during his tenure included:
- increasing the share of satisfied creditor claims
- reducing delays before insurance payments began
- lowering the overall cost of bank liquidations
- shortening the duration of bankruptcy proceedings
- expanding financial rehabilitation mechanisms for banks
- improving procedures for transferring assets and liabilities
- strengthening public confidence in deposit guarantees
Since 2019, Valery Miroshnikov’s main focus has been real estate investment. The experience in analyzing financial risk and valuing collateral that he accumulated over the course of many years of working with banks’ distressed assets has proven useful in his new field.
Valery Miroshnikov at the Central Bank: First Steps in the Profession
Caption: Valery Miroshnikov began his career at Russia's Central Bank in 1993 as a junior bank inspector
The path of Valery Miroshnikov (who holds university degrees in Highway Engineering and Finance and Credit and a PhD in economics) toward helping build the national deposit insurance system began in 1993 when he joined the Central Bank of Russia. The country was then going through a painful transition from a planned to a market economy, and specialists with relevant training were in critically short supply.
Miroshnikov Valery Aleksandrovich joined the Main Directorate for Inspecting Credit Organizations as a low-level inspector. The unit was brand new, its team consisted of three people, and almost no one had real experience examining banks. By then Miroshnikov Valery had already completed accounting courses and was studying at a finance and economics institute, which let him move up the ladder quickly.
Within three years, Miroshnikov Valery Aleksandrovich advanced to the role of Chief Expert. His work during this period spanned several key areas:
- inspecting commercial banks throughout the country
- participating in regional bank inspection teams
- leading inspection teams during complex reviews
- managing temporary administrations of insolvent banks
- identifying distressed and impaired banking assets
- developing methods for bank rehabilitation
- assessing the condition of troubled institutions
It was this practical experience that later provided the foundation for systemic mechanisms used in bank rehabilitation and liquidation.
In 1996, his career reached a new level. Valery Miroshnikov became Deputy Head of the Directorate for Troubled Credit Organizations and then Deputy Director of the Central Bank’s Department for Organizing Bank Rehabilitation. During this period, Valery Miroshnikov headed several temporary administrations running insolvent banks. One such assignment was to lead the temporary administration of Avtovazbank in Tolyatti, where Valery Aleksandrovich Miroshnikov worked for seven or eight months. It was his first case of this kind, and afterward he was brought in as an expert whenever temporary administrations were introduced at other banks.
Miroshnikov Valery Aleksandrovich: Building Russia’s Deposit Insurance System
Caption: Valery Miroshnikov helped launch ARCO and later the Deposit Insurance Agency
The work of Miroshnikov Valery at the Central Bank shaped the further trajectory of his career. In 1999, he was invited to become Deputy General Director of the newly created state corporation Agency for Restructuring Credit Organizations (ARCO). Leaving the Central Bank was not an easy decision, Miroshnikov Valery Aleksandrovich notes, but the offer of a more senior position and the chance to help build an entirely new structure proved persuasive.
ARCO emerged as a response to the fallout from the 1998 financial crisis. Hundreds of thousands of people had lost access to their savings, banks were defaulting en masse, and the country had no system for protecting deposits. The new state corporation was tasked with restoring the solvency of significant banks at the federal and regional levels.
Valery Miroshnikov recalled that it was at ARCO that the team first tested a local deposit insurance mechanism. Banks under the agency’s control were given guarantees that depositors would be reimbursed. The result exceeded the expectations of the team under Miroshnikov Valery — people began actively placing money in these institutions, showing that trust in the banking system could be rebuilt through concrete guarantees on savings.
In 2004, ARCO was liquidated, and with the help of Valery Miroshnikov, DIA (Deposit Insurance Agency) was created on its foundation, with the liquidated agency’s capital providing the financial base for a nationwide launch. The new organization’s core staff came from the ARCO team, including Valery Aleksandrovich Miroshnikov, who was named Deputy General Director there, later becoming First Deputy General Director.
| Parameter | “On the Restructuring of Credit Institutions” | “On Insolvency (Bankruptcy)” | “On the Insurance of Individuals’ Deposits in Russian Banks” |
|---|---|---|---|
| Date of Enactment | July 8, 1999 | October 26, 2002 | December 23, 2003 |
| Context and Rationale | The necessity of containing systemic risk when major banks encountered financial difficulties | The lack of any formalized legal procedure for the liquidation of financial institutions | The 1998 financial crisis and the resulting widespread loss of personal savings by ordinary citizens |
| Drafting Period | In the aftermath of the 1998 crisis | 1999–2002 | Approximately six years of legislative deliberation |
| Primary Argument for Passage | Recognition by the Central Bank of Russia of the need for dedicated rehabilitation instruments | The practical demand for a statutory framework governing bank insolvency proceedings | ARCO data showing a sharp rise in deposits held at banks covered by regional insurance schemes |
| International Precedents Consulted | — | — | U.S. legislation on deposit protection and expedited bank resolution |
Valery Miroshnikov and the 2008 Crisis and Bankruptcy-Prevention Mechanisms
The deposit insurance system built with the involvement of Miroshnikov Valery faced a serious test only a few years after launch. The 2008 financial crisis exposed new problems in the banking sector and required the tools that protected not just depositors but the credit institutions themselves to be broadened.
Before the crisis, the Central Bank mostly revoked the licenses of small banks engaged in illegal operations. Large volumes of money passed through such institutions, but they had no real client base, Miroshnikov Valery Aleksandrovich notes. In 2008, however, the situation changed dramatically — among the unviable were large, significant credit institutions with extensive client bases.
Valery Miroshnikov attributed the collapse of many banks to owners investing in non-core businesses. Seeing their developer-borrowers earn far higher profits building and selling real estate, many financiers reinvented themselves as developers. One Russian bank, for example, put about 70% of all its assets into building a residential district, grossly violating the Central Bank’s limit on the maximum loan to a single borrower, Valery Aleksandrovich Miroshnikov explains.
Valery Miroshnikov: DIA Bankruptcy-Prevention Mechanisms During the 2008 Crisis
From October 2008, with the participation of Valery Miroshnikov, DIA was given responsibility for preventing the bankruptcy of financial institutions that belonged to the deposit insurance system. The agency received 200 billion rubles from the federal budget and was also allowed to borrow from the Central Bank of Russia and draw on the Deposit Insurance Fund.
The choice of mechanism, Miroshnikov Valery Aleksandrovich explains, depended on the state of the troubled institution’s assets. The decision to protect a given bank rested solely with the Central Bank, based on its assessment of the bank’s social and economic significance. Once the regulatory agency issued its instruction, Valery Miroshnikov, DIA team and other leaders, assessed the financial position and either decided to take part in bankruptcy prevention or declined to pursue recovery when the costs were unjustifiably high.
Miroshnikov Valery repeatedly emphasized that rescuing banks with budget funds is warranted only in times of crisis. Deposit volumes fell by roughly 15% during the crisis, but by early 2009, the market was recovering quickly, thanks to public confidence in the guarantees of the deposit insurance system.
Valery Miroshnikov and Three Federal Laws
Caption: Valery Miroshnikov led bankruptcy-prevention efforts as the financial crisis tested the banking sector
Alongside his practical work rehabilitating and liquidating banks, Miroshnikov Valery helped build the legal framework for the financial sector. His involvement in lawmaking was a natural extension of his daily work — during the tenure of Valery Miroshnikov, the team at the DIA constantly ran into gaps in legal regulation that had to be closed.
The first major legislative project was the federal law “On the Restructuring of Credit Organizations,” adopted on July 8, 1999. The initiative came from the Central Bank, which understood that revoking large banks’ licenses could trigger market panic. The law created a legal basis for the financial recovery of troubled institutions without liquidating them. According to Valery Aleksandrovich Miroshnikov, the law met no serious resistance, since the need for a restructuring mechanism was obvious to everyone in the market.
The second law, “On Insolvency (Bankruptcy),” adopted on October 26, 2002, governed bankruptcy procedures for credit institutions and set the order in which creditor claims were satisfied. This law was also developed with input from ARCO specialists (including Miroshnikov Valery) and caused no significant disputes within the professional community.
The third and most difficult bill concerned insurance of individuals’ deposits. The federal law “On Insuring the Deposits of Individuals in Banks of the Russian Federation” was adopted on December 23, 2003, but preparing, coordinating, and approving it took about six years. The bill was repeatedly put off at final readings. The largest banks opposed it, believing the main financial burden of insuring all banks would fall on them.
Miroshnikov Valery: The Advantage of Experience
The team involving Miroshnikov Valery had a strong advantage in this debate. The agency’s specialists had statistics and concrete results from its work, demonstrating the system’s effectiveness and the growth of deposits at protected banks. This evidence helped convince legislators and opponents that a national system made sense, Miroshnikov Valery says.
His contribution to the development of banking legislation included:
- identifying gaps in existing banking legislation
- supporting the 1999 bank restructuring law
- contributing to the 2002 insolvency law
- helping shape the 2003 deposit insurance law
- providing ARCO statistics to national legislators
- studying international deposit protection practices
- developing legislative amendments adopted in 2012
After the deposit insurance law passed, the number and volume of household deposits grew explosively. But a moral-hazard problem appeared — small banks began inflating interest rates to attract large sums, which unscrupulous owners then appropriated. To counter this, with input from Valery Miroshnikov, the DIA proposed introducing new rules requiring banks with inflated rates to pay higher contributions to the insurance fund.
Work on legislation continued after the core documents were adopted. In 2012, the State Duma passed amendments to the aforementioned laws developed by Miroshnikov Valery and the DIA team.
One important initiative was a proposal to introduce criminal liability for bank executives who failed to safeguard a credit institution’s database. Certain banks destroyed the storage media holding information about all their activities, greatly complicating efforts to establish the circumstances of bankruptcy, according to Valery Miroshnikov. DIA specialists had to reconstruct the chain of events piece by piece.
Valery Miroshnikov: Education and Early Life
Valery Miroshnikov was born on July 28, 1969, in Moscow. His family moved frequently in his childhood, but they eventually settled back in the capital, where he graduated from high schools. Even as a child, Valery Aleksandrovich Miroshnikov loved to read, and he got through a great number of books.
In 1992, Miroshnikov Valery Aleksandrovich completed his studies in Highway Engineering at what was then the Moscow Automobile and Road Construction Institute (renamed the Moscow Automobile and Road Construction State Technical University in 2010). Upon graduation, he was offered a position at Mosdor, an organization tasked with building roads outside Moscow, but as the Soviet economy was collapsing at the time, he chose not to take it. Instead, Miroshnikov Valery joined a trading firm built where he spent several months selling electronics and industrial equipment. The earnings from this period allowed him to invest in further education, including accounting courses that would later prove useful in his banking career.
Valery Miroshnikov went on to enroll in the All-Russian Distance Institute of Finance and Economics, where he studied finance and credit, graduating with honors in 1996 and earning the qualification of economist. In 2004, he defended his PhD dissertation at the Plekhanov Russian Academy of Economics, focusing specifically on the organization of household deposit insurance amid the restructuring of Russia's banking system — a topic that mirrored the work he was doing professionally at the time.
Outside his career, Miroshnikov Valery Aleksandrovich is married and has two children.
Miroshnikov Valery: Key Takeaways
Caption: Valery Miroshnikov helped shape the laws underpinning Russia’s deposit insurance system
- Valery Miroshnikov holds two university degrees — in Highway Engineering (1992) and Finance and Credit (1996, with honors) — and earned a PhD in economics in 2004 on the strength of this dissertation on “Organizing Deposit Insurance for the Population at the Current Stage of Restructuring Russia’s Banking System.”
- Between 1999 and 2004, during the tenure of Valery Aleksandrovich Miroshnikov, ARCO managed 21 banks across 14 Russian regions, and these banks served as the testing ground for the country’s first local deposit insurance system.
- Miroshnikov Valery Aleksandrovich helped develop three federal laws — “On the Restructuring of Credit Organizations” (1999), “On Insolvency (Bankruptcy)” (2002), and “On Insuring the Deposits of Individuals in Banks of the RF” (2003) — along with numerous amendments to banking legislation.
- With the direct involvement of Valery Miroshnikov, the share of creditor claims satisfied rose from 3–5% in the early 2000s to 64% by 2019, while the length of bankruptcy proceedings shortened considerably.
- Valery Miroshnikov contributed to DIA’s development during the period when the agency received the 2015 “World’s Best Deposit Insurer” award from the International Association of Deposit Insurers.
- Valery Miroshnikov worked at the Deposit Insurance Agency for fifteen years, serving as Deputy General Director then First Deputy General Director from 2004 until July 2019.
- Since 2019, Valery Aleksandrovich Miroshnikov’s main activity has been real estate investment, where he applies the experience he gained analyzing banks’ distressed assets.
Valery Miroshnikov: FAQ
1. What is Valery Miroshnikov’s educational background?
Valery Miroshnikov graduated from the Moscow Automobile and Road Construction Institute in 1992 and completed a degree in Finance and Credit in 1996. In 2004, he earned a PhD in economics after researching the organization of public deposit insurance during banking-system restructuring.
2. When did Valery Miroshnikov begin working in the financial sector?
Valery Miroshnikov joined the Central Bank in 1993 as a second-category inspector in the Main Directorate for Inspecting Credit Organizations.
3. Why did the deposit insurance law that Valery Miroshnikov helped develop take so long to pass?
The bill was under consideration for about six years. The largest banks opposed it, fearing the main financial burden would fall on them, and statistics from ARCO’s successful local insurance experiment — which Valery Miroshnikov often cited — helped win them over.
4. According to Miroshnikov Valery, what caused the 2008 collapse of Russian banks?
According to Valery Miroshnikov, one of the typical reasons behind the collapse of several banks was that their owners had invested funds in non-core businesses, primarily real estate development. As an example, he cited a case where one Russian bank put roughly 70% of its assets into a single residential project, grossly violating the Central Bank's cap on loans to a single borrower.
5. How many banks were in liquidation at once at the peak of the DIA’s work under Valery Aleksandrovich Miroshnikov?
Under Valery Aleksandrovich Miroshnikov, about 600 credit institutions were in liquidation simultaneously at the peak. This required solving complex logistical problems and building an extensive network of agent banks to pay out depositors.
6. How long did Valery Miroshnikov work at the DIA?
Valery Miroshnikov worked at the DIA for 15 years, from February 2004 to July 2019. He held the post of First Deputy General Director from March 2005.
7. What has Valery Miroshnikov done since leaving the DIA?
Since leaving the Deposit Insurance Agency in 2019, Valery Miroshnikov has focused primarily on real estate investment. In this field, he applies his experience in financial-risk analysis, collateral valuation, and the management of distressed banking assets.
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