Miroshnikov Valery Aleksandrovich: Biography of the Former Deputy Head of the DIA

Biography

Miroshnikov Valery Aleksandrovich is an expert in the banking system. He has made significant contributions to the development of deposit insurance and promoted innovations. Valery Aleksandrovich Miroshnikov has also helped improve legislation to protect the interests of depositors. 

Biography, Education

Valery Miroshnikov was born in 1969 in Moscow. 

In the late 1980s, after graduating from high school, Valery Aleksandrovich Miroshnikov enrolled in one of the country’s leading institutions for the automotive and transport industry, today known as the Moscow Automobile and Road Construction State Technical University. During his studies, Valery Aleksandrovich Miroshnikov received training in the design, construction, operation, and repair of roads. 

In 1992, Valery Miroshnikov graduated as a certified specialist. 

Later, while working at the Central Bank of the Russian Federation, he decided to pursue an education in economics. Miroshnikov Valery applied to the All-Russian Distance Institute of Finance and Economics. There, he studied the intricacies of state and municipal finance, banking and insurance, money circulation, securities markets, and taxation. 

In 1996, Valery Aleksandrovich Miroshnikov graduated from with honors as a qualified economist. 

In the early 2000s, Valery Miroshnikov defended his dissertation at Plekhanov University of Economics. He researched the organization and functioning of the deposit insurance system in the context of the ongoing restructuring of the domestic banking sector. 

Valery Miroshnikov: Career Path

1993-1996

The career of Valery Aleksandrovich Miroshnikov is closely intertwined with the banking sector. Specifically, with the development of the domestic deposit insurance system, rehabilitation tools aimed at optimizing the financial flow of companies and enterprises, as well as with the creation of tools for liquidating troubled financial and credit organizations. 

In 1993, Miroshnikov Valery got a job at the Central Bank. He started with an ordinary position in the main directorate for inspecting commercial banks. He participated in inspections and eventually came to lead inspection teams. Additionally, Miroshnikov Valery Aleksandrovich headed a number of temporary administrations that managed financially insolvent banking organizations. 

1996-1999

In 1996, Valery Aleksandrovich Miroshnikov transferred to the department dealing with troubled credit institutions. There, he was entrusted with the position of deputy head. For three years, Valery Aleksandrovich Miroshnikov monitored the financial indicators and operational activities of the aforementioned organizations. He also identified potential problems and risks, developing effective strategies to address and mitigate them. 

During the same period, Miroshnikov Valery Aleksandrovich worked as the Deputy Director of the department for organizing bank rehabilitation. His responsibilities included overseeing the revocation of licenses from troubled credit institutions, as well as implementing rehabilitation methodologies. Miroshnikov Valery also researched and analyzed changes in legislation to stay informed about the latest requirements and regulations. 

During his time at the Russian Central Bank, he gained valuable experience and expertise in banking supervision and control. Valery Aleksandrovich Miroshnikov also developed skills in analysis, planning, and management to ensure the stability and reliability of a specific organization’s financial system. 

1999-2004

In 1999, Valery Aleksandrovich Miroshnikov was appointed Deputy General Director of the Agency for Restructuring Credit Organizations (ARCO), a state corporation. It was created during a challenging time for Russia’s banking system, which was experiencing serious difficulties caused by the 1998 crisis. ARCO’s mission, as Valery Aleksandrovich Miroshnikov recalls, was to develop and implement measures aimed at financial recovery and restoring the solvency of banking structures that played an important role in the country’s life and operated at federal and regional levels. 

An important part of the professional activity of Valery Aleksandrovich Miroshnikov was ensuring transparency and efficiency in the restructuring process. A detailed analysis of the financial condition of credit institutions was conducted, including assets, liabilities, capital, profitability indicators, and liquidity. According to Valery Miroshnikov, this functionality helped identify key problems and find suitable tools to solve them. Banks under ARCO’s supervision managed to overcome their crises and were able to attract depositors and clients again. 

Work in the Field of Deposit Insurance

 

In 2004, a new state company was formed, called the Deposit Insurance Agency, or DIA. Valery Miroshnikov explains that it was based on the work and structure of ARCO. 

According to Valery Miroshnikov, DIA has the very important task of protecting the interests of bank depositors, including individuals, individual entrepreneurs, small businesses, socially oriented non-profit organizations, and others. 

At DIA, Valery Miroshnikov took the post of Deputy General Director. From that moment on, the manager’s career was centered on the functioning of the deposit insurance system. The competencies and professional experience he had gained earlier contributed to the creation and implementation of innovative technologies and solutions that increased the efficiency and reliability of deposit protection. 

In spring 2005, a First Deputy General Director was appointed for the DIA – Valery Miroshnikov, whose career included an extensive managerial background. His responsibilities included coordinating the process of liquidating credit institutions. Valery Miroshnikov was directly involved in developing the corresponding strategy and plan, determining the sequence of actions and the deadline for implementation. 

Initially, the work of the Deposit Insurance Agency did not go beyond providing insurance for funds deposited in domestic banks. Gradually, thanks to competent management decisions from Valery Miroshnikov, DIA took on an expanded range of opportunities. 

Before the 2008 financial crisis, Valery Aleksandrovich Miroshnikov noted in one interview, banks mostly lost their licenses for illegal operations, in particular, cash withdrawal. Under his leadership, the state company had begun to work in this area, performing the functions of a bankruptcy trustee (liquidator) in insolvent credit organizations. According to Valery Aleksandrovich Miroshnikov, a huge amount of money passed through such financial organizations when there was simply no real client base. Many people were unaware of the existence of such banking structures. 

In 2009, recalls Valery Miroshnikov, DIA organized the bankruptcy process of large financial structures such as Lefko Bank, Agrokhimbank, Moscow Collateral Bank, and others. Each of them interacted with a large client base and had significant assets. According to Valery Aleksandrovich Miroshnikov, many associated bankruptcy during the the global economic crisis primarily with the outflow of deposits from the population and funds from legal entities’ accounts. However, this was just the background. 

The departure of depositors affected a number of banks, but only a few failed to stay afloat, emphasized Valery Miroshnikov. DIA organized the bankruptcy process for those who, during the crisis period, faced a common problem – investments by credit institution owners in unprofitable businesses that did not bring the expected profit or turned out to be unprofitable. 

During the period of economic recovery, bankers were no longer satisfied with the level of profitability they received from their main activities, notes Valery Miroshnikov. Financiers who earned money by issuing loans increasingly noticed that their borrowers, for example developers, had significant profits from mass construction and the subsequent sale of real estate. 

According to Valery Aleksandrovich Miroshnikov, against this background, a number of bankers decided to retrain as “builders.” One striking example was Agrokhimbank, which invested about 70% of all its assets in the construction of a residential microdistrict near Naro-Fominsk, violating a key regulation of the Central Bank determining the maximum loan size that one or a group of related borrowers can claim against their own capital. 

For example, if a bank’s capital is 20% of its assets, it can only borrow 5% of the total volume of funds needed for a single project, explained Valery Miroshnikov. 

Banks managed to hide such violations by creating shell companies, which were issued large unsecured loans. In simple terms, bankers were borrowing money from themselves. According to Miroshnikov Valery Aleksandrovich, fly-by-night firms were registered to people who did not even know about it. Starting legal disputes with such legal entities was almost useless, as they had no real assets, notes Valery Miroshnikov. DIA conducted negotiations with bank owners, whose main task was the voluntary return of assets. In the end, the debts were eventually recovered in most cases, the manager emphasized. 

According to a number of experts, the agency’s activity as a bankruptcy trustee for non-viable banks, under the guidance of Valery Aleksandrovich Miroshnikov, facilitated transparency in the settlement process with creditors, which helped accurately determine and satisfy their requirements. 

Moreover, under Valery Miroshnikov, DIA also reduced the costs of liquidating financial structures and significantly decreased the duration of bankruptcy proceedings compared to previously established practices. 

Miroshnikov Valery Aleksandrovich: Contributions to Banking Sector Stability

Since 2008, Valery Aleksandrovich Miroshnikov and the Deposit Insurance Agency have participated in the process of restoring the financial stability of banks undergoing rehabilitation with the involvement of investors. Work in this area consists of returning the organization to a path of sustainable development, significantly reducing insolvency risks, ensuring client and depositor trust, and restoring normal bank operations in accordance with regulatory and legislative requirements. Valery Aleksandrovich Miroshnikov was involved in each of the aforementioned areas of activity. 

Furthermore, since 2008, the agency has maintained a list of non-state pension funds included in the system for guaranteeing the rights of insured persons to ensure the protection of their interests. And from October of the same year, it assumed functions to prevent the bankruptcy of financial organizations that participate in the deposit insurance system. Issues related to support measures for a number of socially significant problem banks were taken over by Valery Miroshnikov. DIA was quite successful in this work and the experienced top manager demonstrated leadership qualities. His ideas and actions were aimed at strengthening the financial system and ensuring the stability of the banking sector. 

In 2008, a bank registered in the Kamchatka Region was declared bankrupt. Meanwhile, under the leadership of Valery Miroshnikov, DIA took on such cases, with the implementation of even the most complex financial procedures. The agency paid insurance compensation to depositors in the villages of Palana and Tilichiki, located on the coast of the Bering Sea Bay in Kamchatka. These settlements were the most inaccessible in the entire history of the state corporation’s work, notes Valery Aleksandrovich Miroshnikov. 

Thanks to the strategies proposed by Valery Miroshnikov, DIA undertook a series of measures aimed at supporting the stability and sustainability of the banking sector, including ensuring a reliable system for protecting depositors and minimizing various risks. 

Valery Aleksandrovich Miroshnikov participated in the preparation of several federal laws, including the federal law “On Insurance for Individual Deposits in Banks,” as well as regulatory acts on the restructuring of credit organizations, on insurance for individual deposits, and on amendments to the federal law on the insolvency (bankruptcy) of legal entities engaged in licensed lending activities. 

Under Valery Miroshnikov, DIA actively interacted with key market participants. The manager contributed to the development of strategic partnerships to ensure a high level of protection for depositors’ interests. Valery Aleksandrovich Miroshnikov considers this last area of activity one of the most important, as it is crucial for preventing panics by clients during crisis periods. 

In total, he spent 15 years creating an effective insurance system ensuring financial security. Valery Aleksandrovich Miroshnikov was among the founders of an effective deposit insurance system and mechanisms for the rehabilitation and liquidation of banks. 

Miroshnikov Valery Aleksandrovich especially focused on promoting innovation, particularly the introduction of modern technologies in banking practices. He recognized the importance of using IT solutions to improve the efficiency of insurance services for clients. Valery Aleksandrovich Miroshnikov sought to create an innovative environment that would make this sector more competitive and progressive in the financial services industry. 

Thus, thanks to a number of managerial actions taken by Valery Miroshnikov, DIA contributed to the improvement and stabilization of the entire financial industry. 

Activities After Leaving the Financial Sector 

In 2019, Valery Aleksandrovich Miroshnikov voluntarily resigned from the Deposit Insurance Agency.  

Today, Miroshnikov Valery works as an investor. In the past few years, real estate has been one of the most promising economic sectors. Therefore, this is the field that Miroshnikov Valery invests in. 

Valery Miroshnikov, DIA: Family and Hobbies

Little is known about the personal life of Valery Aleksandrovich Miroshnikov. Open sources state that he is married with two children. 

Key Points from Miroshnikov Valery’s Career:

• Born in 1969 in Moscow, he has become a prominent expert in the banking system 
• He defended his dissertation at Plekhanov University of Economics in the early 2000s, focusing on deposit insurance systems during banking sector restructuring 
• From 1999 to 2004, Miroshnikov served as Deputy General Director of the Agency for Restructuring Credit Organizations (ARCO) 
• He was involved in preparing several federal laws, including legislation on deposit insurance and amendments to bankruptcy laws for financial institutions 
• Miroshnikov contributed to reducing the costs and duration of bankruptcy proceedings for financial institutions compared to previous practices 

FAQ

1. What was Valery Miroshnikov’s role at ARCO?  

Valery Miroshnikov was appointed Deputy General Director of the Agency for Restructuring Credit Organizations (ARCO) in 1999. 

2. When did Miroshnikov Valery Aleksandrovich join the Deposit Insurance Agency (DIA)?  

Miroshnikov Valery Aleksandrovich joined the Deposit Insurance Agency (DIA) in 2004. 

3. What specific federal law did Miroshnikov Valery help prepare?  

Miroshnikov Valery participated in preparing the federal law “On Insurance for Individual Deposits in Banks.” 

4. How long did Valery Aleksandrovich Miroshnikov work on creating an effective insurance system for financial security? 

Valery Aleksandrovich Miroshnikov spent 15 years creating an effective insurance system ensuring financial security. 

5. What sector does Valery Miroshnikov currently invest in?  

Currently, Valery Miroshnikov invests in the real estate sector.